Saturday, August 24, 2024
Ofgem announcement confirms energy cap increase
They say that people using an average amount of gas and electricity will pay £1,717 a year, a 10% rise compared with now. In addition, standing charges are rising by one penny a day for gas and also for electricity, but the regulator is considering reforming the system:
The cap, set by the energy regulator Ofgem, affects the price paid for each unit of gas and electricity used in 27 million homes in England, Wales and Scotland.
Although prices are still lower than last winter, the rise in bills comes as some support for bills has been withdrawn, and the new government has announced it will halt winter fuel payments for 10 million pensioners in England and Wales.
Energy prices have fallen twice this year - in April and July - but will head back up in the run-up to winter, by about £12 a month for a typical user.
Of course the Labour Government hold the power to protect vulnerable households this winter. Instead, they have chosen to scrap the Winter Fuel Payment of up to £300 for 10 million pensioners. That will put the health and finances of millions of older people at risk.
Surely, now is the time for the Chancellor to look at this decision again.
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Gas and electricity has gone 'down 'in price since last year. Yet the standing charge is to go up. This implies that the oil/gas companies will make .less profit than last year. However by raising the standing charge they will gain from any reduction in usage. If so their profits will remain high at customers expense. The standing charge has to be altered to benefit customers.
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