Where are UK Power Prices going and have we considered the impact?
With the latest movements from the UK government to ban all Russian oil imports by the end of 2022 and the continued turbulent effect current global conditions are having on UK Power prices continuing.
This week I was made of aware of the research undertaken by the Joseph Rowntree Trust as one of the latest Independent organisations alongside Citizens advise, that are highlighting the future predicted impact that the growing energy crisis is having, along with a call to action.
Figures also published by the Money Advice Trust that week, also show that one in seven (an estimated 7.9mn) UK adults are behind on at least one household bill, and one in eight (an estimated 6.2mn) have gone without heating, water or electricity in the last three months as a result of rising costs.
As a mother of 3 Children, I was touched by the helplessness of this figure, the choice for many families and the most vulnerable in our society (Heat or Eat) and how can the industry solve this alone?
Within the Electricity industry and working within PPA sales at EDF Energy, my close family have looked to me for answers to questions such as:
“Why is Money supermarket telling me there is a 500% increase in my renewal quote” also to be honest my line of work has never been so much of interest!
With the Power price still spiralling into unknown territory is this the tip of the iceberg?
Surely Government will need to find the answer with MPs raising more awareness are they getting close? Does the Spring statement from the government do enough to turn the tide of rising costs for everyone for Energy and fuel?
When October 2022 arrives will be a clear measure for us all – Citizens advice forecast one in four adults (an estimated 14.5mn people) will be unable to afford their Energy bills, a pause of thought for us all and one I personally watch with great interest along with so many more.
You will find the links to the articles here: https://www.jrf.org.uk/press/new-analysis-shows-chancellor-must-act-avoid-devastating-damage-living-standards-poorest and https://www.moneyadvicetrust.org/latest-news/money-advice-trust-responds-to-ofgems-price-cap-increase/
Karen Hosking, WUN Industry Advocate.