Comment on dual fuel price cap being set at £1,923
Jess Ralston is available for further comment and interview
By Tricia Curmiinfo@eciu.net
Information on this page correct as of:
Commenting on Ofgem’s announcement that the dual fuel price cap will be set at £1,923 for the average household for the year from October 2023 , Jess Ralston, Energy Analyst at the Energy and Climate Intelligence Unit said:
“Unfortunately we're not out of the woods yet as gas prices are expected to stay at least 2x higher than pre-crisis levels in the longer term, and while lots of Europe has moved away from gas altogether we're still reliant on it. Last year the IMF said that this reliance is why we were hit harder than other countries.
“Those in the most inefficient homes could pay around £720 more on bills over the next year than those in energy efficient ones. We could have spent the last year insulating houses to shield them from future gas price spikes, and building more British renewables so we need to buy less expensive gas on the open market. Instead there seems to have been a focus on the North Sea, which won’t bring down bills.
“The Government’s flagship insulation scheme has flatlined this year, so getting it back up and running could help people in time for this winter and fulfilling pledges to tighten energy efficiency regulations for private renters and lifting the ban on onshore wind could help in time for next winter. Using less gas is the key to lower bills and energy security.”
Read the analysis showing that inefficient homes to pay around £720 more on bills under the price cap as gas prices stay high
Note to editors:
- Ofgem, Price Cap https://www.ofgem.gov.uk/publications/energy-prices-fall-again-winter
- How to cut the UK’s dependency on Russian gas… permanently (ECIU, March 2022): https://eciu.net/analysis/briefings/how-to-cut-the-uks-dependency-on-russian-gas-permanently
- Insulation installed over last decade saving Brits £1.2bn a year https://eciu.net/media/press-releases/2022/insulation-installed-over-last-decade-saving-brits-1-2bn-a-year