Saturday, December 16, 2023

Unpaid Energy Bills Break Records in UK: British households are unable to pay their electricity and gas bills

A staggering number of British households are unable to pay their electricity and gas bills due to the cost of living crisis.

The amount owed to energy suppliers has risen by £400 million since mid-October, reaching £3 billion ($3.8 billion), revealed a report released on Friday.

These concerns have prompted the industry regulator Ofgem to propose raising its cap on household bills by £16 or £1.33 a month, for the next financial year from April 2024. That rise is aimed at helping intermediary billing companies offset higher debt costs they say could drive them to bankruptcy.

 “The record level of debt in the system means we must take action to make sure suppliers can recover their reasonable costs, so the market remains resilient, and suppliers are offering consumers support in managing their debts,” stated Tim Jarvis, Ofgem's director general for markets.

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