Energy bills rise by £35 a year under new price cap – Daily Business

Gas billGas bill
Bills will rise by 2%

A typical dual household gas and electricity bill will rise by 2% this autumn under the latest price cap announced by energy regulator Ofgem.

The increase is slightly more than expected and will see households paying £1,755 a year, up £35 on the current cap.

Ofgem sets the maximum price that can be charged for each unit of gas and electricity for about 21 million households in England, Scotland and Wales.

It is largely based on the cost of energy on wholesale markets, but also takes account of changes in welfare support.

The change takes effect for the quarter beginning in October and comes on top of accelerating inflation, particularly food prices.

A Labour Party spokesperson said: “Energy bills soared under the Conservatives because they tied our country to the fossil fuel rollercoaster and working people are still paying the price.

“From banning onshore wind to failing to deliver new nuclear, their reckless decisions left Britain exposed to wholesale gas prices that are still 75% higher than before Putin’s invasion of Ukraine.

“That’s why Nigel Farage’s unpatriotic war on clean energy would be a total disaster for families, businesses and our economy. His destructive plans would push bills higher, kill nearly a million jobs and scrap billions of pounds of vital investment across the country that will strengthen our energy security.

“This Labour Government’s Plan for Change is protecting consumers with three million more families getting £150 off their bills through the Warm Home Discount, a total of six million in all, as we continue to invest in clean homegrown power to bring energy bills down for good.”

Greenpeace UK’s climate campaigner, Lily-Rose Ellis, said: “This price cap increase is another kick in the teeth for households and businesses across the country.

“British energy bills have seen more ups and downs than a playground yo-yo in the 90s, and this volatility will only continue until we shift our energy system away from climate-wrecking fossil fuels and onto homegrown renewable power.

“At the very least, we must stop expensive gas from setting electricity prices — a system that drives up bills and prevents cheaper wind and solar from cutting and stabilising costs.”

… more follows

#Energy #bills #rise #year #price #cap #Daily #Business

Leave a Reply

Your email address will not be published.