Energy bills to stay high, warns Ofgem

Posted at June 2, 2024 » By : » Categories : News » Comments Off on Energy bills to stay high, warns Ofgem

British energy bills are not expected to fall significantly over the next decade, according to the Chair of energy regulator Ofgem.

Mark McAllister, who took up his role in November, stated in an interview with the Financial Times that energy bills are anticipated to stay “relatively flat in the medium term.”

Mr McAllister attributed this to the costs of expanding the electricity network to support the shift to renewable energy sources.

McAllister emphasised the need for more “targeted support” for households struggling with energy bills.

Last week, during a session with the House of Commons Energy Security and Net Zero Committee, Jonathan Brearley, Chief Executive Officer of Ofgem, also discussed energy prices and potential changes to standing charges.

Mr Brearley noted that while the energy markets have stabilised and prices have decreased, they remain higher than before the crisis.

Jonathan Brearley warned that prices are expected to remain high and volatile in the future.

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