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Energy UK responds to Ofgem price cap announcement

Responding to the price cap announcement by Ofgem, Energy UK’s chief executive Emma Pinchbeck said:  

“We know this price rise will come at a difficult time for many customers who may already be facing financial challenges. Suppliers recently reaffirmed their commitment to provide as much support as possible to those worried about energy bills – as they have done so since the pandemic started, providing hundreds of millions of pounds in financial assistance to customers. Any customers worried about bills should contact their supplier so they can see what help might be available.

“In recent months the cost of buying energy, in particular gas, source for much of our electricity as well as heating and cooking, has reached record highs. Wholesale costs make up 40% of the average bill and the global factors driving prices up are out of retailers’ control. Ofgem sets the price cap at a fair level for customers but it also needs to reflect when suppliers face increased costs to allow them to keep operating in a market where most providers are making little or no profit at present.            
“Continuing the transition to our own clean sources of power and further reducing our dependency on fossil fuels for our heat and power, will not only help us meets our climate change targets but remove the risk of customers being exposed to volatile price rises like this one. It also underlines why making our homes energy efficient, which can permanently cut bills by hundreds of pounds a year, should be a top priority .”