Cornwall Insight has identified via the latest Default Tariff Cap forecasts for April to June 2023 that the average consumer is predicted to pay £3,702 from April as opposed to the previously projected £4,255.
The UK Government’s Energy Price Guarantee has launched in Northern Ireland this month reducing bills by up to 20p/kWh for electricity and 4.8p/kWh for gas.
Energy UK has urged the UK Government to accelerate efforts to increase energy efficiency of homes in the next Budget with this regarded as crucial to reducing energy bills.
bp has recorded £7.1 billion ($8.2 billion) in Q3 profit as the oil and gas giant (O&G)benefits from elevated energy prices amid the ongoing European crisis.
A number of the UK’s energy suppliers have penned a letter to the government expressing concerns over the new measures proposed in the Energy Prices Bill which grant ministerial powers in the energy sector.
Despite key concerns, the changes to the Energy Price Guarantee could actually present a “golden opportunity” for government, according to the energy sector.
The Energy Price Guarantee announced by Prime Minister Liz Truss as part of a package to help mitigate the UK’s ongoing energy crisis could cost as much as £140 billion.
