Millions of energy customers in the UK could face enormous pressures because of soaring energy prices for one year and a half.
Addressing the Scottish Parliament’s Net Zero, Energy and Transport Committee, Dr Richard Lowes, Senior Associate, The Regulatory Assistance Project, said: “I think in terms of prices, you should never ask anyone to predict energy price in the long term. In the short term, I think the key thing to note is that people have not started feeling the pinch yet.
“People have not really felt these bill impacts yet. And while we roughly know what the bill impacts will be, people’s direct debits may only have just gone up.”
A few days ago, consultancy Cornwall Insight predicted that bills would stay above £2,000 for two more years.
Dr Lowes added: “The prices are possibly double what they were last year – in the medium term, the gas future market’s price is still very high – so we are not likely to see any of that stuff before 2023.
“So, that’s at least a year and a half of struggle and high costs.”