The Confederation of British Industry (CBI) has urged the government to extend the Energy Bill Relief Scheme beyond March 2023 for high energy users to prevent plunging British industry into disarray.
So Energy has revealed it is no longer exploring additional funding options, citing a fall in future wholesale prices, continued governmental support and ESB backing as a means of becoming more financially sound moving into 2023.
Both the National Energy Action (NEA) and the Social Market Foundation (SMF) have said that over seven million households face the risk of fuel poverty come April 2024 prompting calls for politicians to provide “workable long-duration policies”.
The Office of National Statistics (ONS) has showcased the impact of the energy bills support measures on public sector borrowing with the October 2022 figure standing at £13.5 billion.
From the beginning of the wholesale gas crisis to the end of the newly extended Energy Price Guarantee initiative, gas will have added £4,400 to the average household’s energy bill, according to the Energy and Climate Intelligence Unit (ECIU).
Ofgem has made a statement calling on energy suppliers to ensure non-domestic customers are being supported and not taken advantage of amid the energy crisis.
Policy Exchange has stated that when the Energy Price Guarantee ends, it will be “impossible” to return to old billing practices of volumetric prices caps.