Energy bills will pass £5,000 next April, according to a new forecast out this morning.
Consultancy Auxilione said Ofgem may have to set the price cap at £5,038 per year for the average household amid elevated gas prices
In a LinkedIn post, Auxilione said: “It seems there is little appreciation for just how impossible that task really is and that energy companies and the government have little control over this in such a globally influenced market.”
The news comes with ministers holding crisis talks today with energy Companies
According to PA,Chancellor Nadhim Zahawi and Business Secretary Kwasi Kwarteng will press gas and electricity company executives for solutions to the predicted spike in bills over winter
Former Prime Minister Gordon Brown writing in the Guardian this morning has called for the energy price cap to be cancelled and for the government to negotiate new lower prices with the companies, comparing the situation to the 2009 banking crisis where some banks were temporarily nationalised to protect consumers.
He warned the time for action was slipping away and major decisions had to be made within days. “Time and tide wait for no one. Neither do crises. They don’t take holidays, and don’t politely hang fire – certainly not to suit the convenience of a departing PM and the whims of two potential successors.”
