Tuesday, November 5, 2024

Fix energy bills to avoid price rises, says Ofgem

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But Claire Coutinho, the shadow energy secretary, rejected the allegation and said the attack on pensioners’ winter fuel payments would leave many older people struggling. 

She added: “Instead of prioritising cheap energy, the new Labour Government are pursuing Ed Miliband’s reckless net zero targets with no thoughts to the costs.

“And far from their election promise of saving families £300 off their energy bills, one of their first acts in office has been to remove up to £300 in Winter Fuel Payment from 10m pensioners this winter.

“That means millions of pensioners will be unprepared to cope with higher energy bills this winter.”

The energy regulator blamed higher international energy prices, which have been pushed up by geopolitical tensions and extreme weather events. Ofgem said these factors were behind 82pc of the increase.

Analysts at Cornwall Insight said the decline of the UK’s North Sea supplies and growing dependence on imported energy, especially gas, makes it vulnerable to the volatile international energy market. 

Craig Lowrey, principal consultant at Cornwall Insight, said: “A volatile wholesale market, and a country heavily reliant on imported energy has created a perfect storm for fluctuating household bills.

“Today’s announcement, coupled with our forecasted energy price hikes in the new year, will only intensify the calls for government action to protect vulnerable households.”

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