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.
Due to measures introduced via the Energy Prices Bill, healthcare businesses could be set to benefit the most with a potential bill reduction of around 60%, according to SAS.
With Ireland forecasted to reach its 80% renewable target by 2030, Cornwall Insight has confirmed that the increase in renewable technologies and generation will help lower winter energy prices below the pre-2021 historical average from 2027 onwards.
Although the introduction of the Energy Price Guarantee is a broadly welcome and required intervention by the UK Government, there are number key clarifications needed.
Octopus Energy and E.ON have deemed the energy discount incentive proposed by National Grid ESO's demand flexibility service too low, arguing less customers will sign up because of this.
The British Beer and Pub Association (BBPA) has called for “urgent action” from the UK Government in order to prevent catastrophe amid soaring energy bills.
The Good Law Project, Fuel Poverty Action and the Highlands & Islands Housing Association's Affordable Warmth Group is planning to sue Ofgem on allegations it has “failed to mitigate the impact of rising energy bills on consumers”.