HomeEconomyThe price of energy rises 20% in the United...

The price of energy rises 20% in the United Kingdom but without affecting consumers

Energy prices will rise 20 percent from January in the UK, UK regulator Ofgem has announced, though consumers remain be protected by the government support package which cuts the cost to almost half.

The Ofgem regulator (Gas and Electricity Markets Office), which is responsible for establishing the maximum price of energy [price cap]indicated that, as of January 1, the price per unit will rise to 0.67 pounds per kilowatt hour for electricity and £0.17 per kilowatt hour for gas, plus fixed daily charges of £0.46 for electricity and £0.28 for gas.

These prices are valid for three months, until the end of March, and are defined according to the value of natural gas in international markets.

According to the organization, the average annual energy cost of a home will go from 3,549 pounds (4,115 euros at the current exchange rate) to the current 4,279 pounds (4,961 euros), a difference of 20.6%.

In January 2021, the maximum price of energy in the United Kingdom was set at 1,277 pounds (1,480 euros), having increased by 235% in 12 months, largely due to the impact of the war in Ukraine🇧🇷

In September, the Government presented a package of “energy price guaranteeto contain prices at an average value of 2,500 pounds (2,900 euros) until the end of March, which will rise to 3,000 pounds (3,478 euros) in April.

However, despite consumers being shielded from today’s announcement, the government will have to spend more to pay for the support package, having estimated to spend around 120 billion pounds (140 billion euros) between 2022 and 2023.

Taking into account the weight of this measure on public accounts, the Minister of Finance, Jeremy Hunt, urged the British on Wednesday to reduce consumption if they want to avoid a tax increase.

“In the long run, we are going to need everyone to help us solve this problem if we are not going to have a huge additional burden on taxpayers, who ultimately will lead to the type of high taxes which I certainly don’t think are desirable in the long term,” he warned, during a hearing in the parliamentary finance committee.

Hunt took on the national goal of reducing energy consumption by 15% as a “national mission” and urged the British to “change their behaviour”.

Source: Observadora

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