‘Energy firms to pocket £170bn extra as price cap rises to new high’

Leaked documents suggest that UK electricity generators and gas producers will benefit from the energy price hikes

Big Zero Report 2022

Just a few days after the announcement of the new price cap that will reach a new high, a leaked document suggests the rise could bring £170 billion in extra profits to energy giants.

Last Friday, Ofgem announced that the energy price cap that will come into force from 1st October will rise to £3,549 per year.

Bloomberg has published leaked Treasury forecasts that show that the energy crisis will see oil and gas producers make an extra £170 billion over the next two years as household energy bills are set to triple the level of last year.

Energy experts have predicted that almost two-thirds of all UK households will be in fuel poverty by January as a result of soaring energy prices and the rising cost of living.

ELN has contacted the Treasury for comment.

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