Quick actions to help households use energy more efficiently would ease the current crisis and improve the UK’s long term energy security.
By Madeleine Gabriel
Crises often present us with both challenges and opportunities – the current energy crisis is no different.
With the April price cap increase now in effect, the typical British household will be paying nearly £700 per year more for their energy – that’s a jump of 54%. This is very bad news for households already struggling with rises in the cost of living.
It’s estimated that energy bill increases will push an estimated 2 million more people into fuel poverty.
This huge and unwelcome leap is a result of spiralling wholesale gas prices. Energy suppliers could buy gas for their customers for around 65p per unit of energy last August, but were paying £2.70 per unit by January 2022. While gas is the culprit, the way energy markets work means that the price of electricity has gone up too.
A combination of factors has driven this s...
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