Read on Twitter
NEW 🚨 Today @ofgem has snuck out the news that it plans to add a shocking £227m to households' energy bills to fund extra profits for energy companies. The team at @get_nous has been looking into what's going on🧵 (1/6)
Ofgem revealed the details of its new price cap on Thursday, announcing that a typical bill will fall from £2,500 to £2,074. This was all packaged up as good news for households. BUT there was a nasty surprise in the small print.... (2/6)
Buried at the end of the announcement were details of new plans to allow suppliers to massively increase their profits. This will happen by raising the proportion of customers’ bills that funds profits from 1.9% to 2.4%. (3/6)
At the same time, Ofgem quietly published a consultation document providing more detail on the changes. Tucked away on page 88 was the extraordinary revelation that the higher profits will cost billpayers £227 million over the course of a single year. (4/6)
This comes at a time when energy bills remain close to historic highs. A typical family will be paying close to double what they were before the energy crisis. Millions of people are suffering from fuel poverty. (5/6)
Ofgem's role is to protect consumers, but instead it is lining the pockets of energy companies. It is completely unacceptable to sneak this out without fanfare, especially by piggy-backing on the first positive news on energy bills in years. (6/6)
• • •
Missing some Tweet in this thread? You can try to
force a refresh
