Responding to Ofgem’s latest price cap announcement, Energy UK’s Chief Executive, Emma Pinchbeck, said:
“Today’s announcement reflects another significant fall in wholesale costs since Ofgem set the current price cap. Most of the average bill is made up of costs outside suppliers’ direct control and buying energy accounts for the biggest share of these.
“Since the COVID-19 pandemic struck, suppliers have increased the support they provide to their customers, particularly those in vulnerable circumstances. Many more households will be dealing with the impacts of the pandemic for some time to come and energy suppliers will continue to support them as much as possible.
“Lower wholesale prices are only part of the story – because of COVID-19 energy suppliers are facing likely increases in debt and other rising system costs, in an industry which already operates on small margins.
“The industry will keep working to help households through this challenging time – and to support the economy as we build back better – but it is more important than ever that we have a healthy and competitive retail market to serve our customers.
“The most effective way to reduce bills over the longer term is to make our homes more energy efficient. The recently announced Green Home Grants scheme is an important step and we hope to see more support for the Green Recovery in the Government’s spending plans later this year”