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Crisis talks will take place between energy sector bosses and the government tomorrow after the price cap was forecast to hit more than £4,200 in January.
Chancellor Nadhim Zahawi and Business Secretary Kwasi Kwarteng will ask gas and electricity company executives to submit a breakdown of expected profits and payouts as well as investment plans for the next three years.
Confirming the meeting on Sky News, Education Secretary James Cleverly said: “The chancellor and the business secretary have hauled in the leaders of the energy companies to hold them to account, to discuss with them what they are going to do with these unexpected, unplanned, unprecedented profits that they have been making because of that sudden spike in energy prices caused by Russia’s invasion of Ukraine.”
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Mr Cleverly also failed to deny there could be blackouts this winter, but did say the UK was in a “better position than many in terms of our domestic energy production”.
Leaked government documents have warned a “reasonable worst-case scenario” could see outages for homes and businesses in January if there is a combination of below-average temperatures and a drop in gas imports, according to reports.
It comes amid widespread anger at Shell, BP, and British Gas owner Centrica announcing bumper financial results while households struggle to cope with soaring bills.
In a new dire outlook for households, Cornwall Insight said bills are set to soar to around £3,582 in October, from £1,971 previously, before rising even further in the new year.
Read more:
How ‘electric homes’ are saving on bills
What is the energy price cap and why will bills rise so fast?
Millions of UK homes already in debt
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Source : skynews
