Despite a recent drop in global energy prices, UK consumers are still grappling with bills nearly twice as high as pre-invasion levels in Ukraine.
Mr O’Shea expressed concerns about the looming financial hardships that many will face, stating, “My worry is that the worst is still to come.”
Mr O’Shea told Bloomberg that British Gas and Centrica are observing direct debits being cancelled and people struggling.
According to data from energy regulator Ofgem, energy debt has surged to a record £2.6 billion.
This mounting debt places significant pressure on energy suppliers.