The energy regulator’s chief executive has warned that energy bills are set to rise due to an increasing reliance on overseas energy sources. Which? wants the government to ensure that consumers are protected from unaffordable misery generated by today’s broken energy market.
Ofgem’s Alistair Buchanan has stated that as older power stations are reaching the end of their lifespan, Britain will be increasingly reliant on imported gas. The regulator said that consumers’ energy bills are likely to rise as a result.
Which? executive director Richard Lloyd said: ‘Consumers will be alarmed at Ofgem’s prediction that they will pay an even higher price for our increasing reliance on imported gas. After another winter of inflation-busting price hikes, the rising cost of energy is already one of the top financial concerns for hard-pressed households.’
Energy tops our financial worries
Which? research has consistently found that energy prices top the list of consumer worries. Our latest Quarterly Consumer Report, published this month, has found 82% of people were most worried about the cost of energy.
Substantial investment in new energy sources is crucial, but energy suppliers should take steps to ensure that their customers are not unfairly burdened by higher bills.
Mr Lloyd said: ‘The government should ensure consumers are properly protected from unaffordable misery generated by today’s broken energy market, and to give people confidence that they are not writing the energy industry a blank cheque for years to come.’
Simply the best energy deal
As energy bills rise, it is increasingly important that energy customers are able to shop around and find the best deal for their needs. This is why Which? is calling for a single unit price to make it possible to easily spot and switch to the cheapest energy deal.
Consumers can also save money by making their homes more energy efficient. Where practical, cavity wall and loft insulation can make a big difference to energy bills.
Mr Lloyd added: ‘We want ministers to do more to help people improve their home energy efficiency, to make the energy market more competitive and to guarantee every consumer gets the cheapest possible deal.’