Energy bills will soar another 50% next year unless the government intervenes, the industry has warned.
"We've had record-breaking gas prices since September, and over the last couple of weeks prices have spiked again," she said. "They are at levels that, frankly, we have not seen before.Wholesale costs hit another record this week of 450p a therm, which experts predict could take average annual bills to about £2,000 next year.
"The price is now so high that this affects the whole of the economy. So does the Treasury need to do more? They have been reluctant to intervene so far in the bits that are within their control," she said. The cost of gas on the wholesale markets - where providers buy what they need - has been rocketing in recent weeks. It has more than doubled since early November.
Many in the industry blame the cap for problems in the sector. More than two dozen energy suppliers have gone bust since the start of September, putting thousands of people out of work and leaving millions of homes in limbo as they wait for a new supplier.was put "special administration", where it is run by OfgemThe cap is set every six months. As gas prices have soared this year, it has forced suppliers to provide energy to households at eye-watering losses.
I manage my dads energy bills as he has multiple health issues. Got an email today from Octopus saying his tariffs coming to an end. Going from £125 monthly to £341. Price comparisons show similar. Something needs to be done. This is not affordable
So the bbc pushing every idiot green plan has resulted as expected, and now the bbc is looking for help from…. ‘The government’.
Of course who hasn't. Time to re-nationalise the energy co's.