⚡️Heads up, folks! Electricity prices are set to climb 20% over the next few years, according to Octopus Energy. While you might be feeling the pinch from a recent 2% rise in your bills, brace yourselves for more.
Octopus Energy’s Rachel Fletcher is urging the government to rethink how wholesale gas prices impact what we pay. She suggests creating a strategic reserve for gas, so prices don’t skyrocket. Stats show a typical UK household could see electricity bills rise even if wholesale gas prices halve.
Meanwhile, EDF UK’s Simone Rossi highlights the UK’s complex regulations as a reason for our higher bills compared to places like France. He points out that customer service costs here are double those across the channel.
On the flip side, the Department for Energy Security and Net Zero isn’t quite buying into this prediction. They remind us that wholesale gas costs are still substantially higher than before the Ukrainian conflict in 2022. They’re banking on clean energy to level out prices eventually.
Stay tuned and keep an eye on your energy usage, because changes are afoot! 🌍💡