Jonathan Brearley, the CEO of Ofgem, has expressed concern about the challenges people are facing in terms of the rising cost of living, and he cannot provide any assurance that the situation will improve this winter.
Dr. Craig Lowrey, a consultant at Cornwall Insight, an energy analysis firm, argues that the slight decrease in the energy price cap will not have a significant impact on household energy bills. Furthermore, their forecasts for 2024 suggest that prices will remain well above pre-pandemic levels, a trend expected to persist throughout the rest of the decade.
Ed Miliband, the shadow climate change secretary, has accused the government of overseeing a “scandalous cost of living crisis” and has proposed raising taxes on energy companies to subsidize the burden on consumers. Miliband added that Labour would address loopholes and introduce a windfall tax on oil and gas giants to tackle the cost-of-living crisis effectively.
The introduction of the energy price cap in 2019 was initially aimed at addressing fuel poverty concerns. However, critics argue that the policy is now exacerbating the situation rather than providing relief. One concern is that the fixed prices for three months lead to a delay in passing on the savings from falling wholesale prices to consumers.
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