Octopus Boss Warns UK Is Too Exposed to Global Gas Prices
Octopus boss Greg Jackson has called on Andy Burnham to deliver “urgent reform” to the energy market to protect households from “volatile” gas prices. Jackson, founder of the UK’s biggest household electricity supplier, said: “The government’s decision to take VAT off electricity and remove some of the levies from bills has helped soften the blow this winter, but bills are still too high.
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Key Facts
- Fact 1: “We urgently need to reform the market, make better use of our wind, and let people benefit from cheaper prices when green energy is abundant.” Jackson’s comments came after energy regulator watchdog said it will hike its cap on household bills by four per cent to £1,723 per year in October.
- Fact 2: Households will have to spend £264 more on energy bills within a decade, according to analysts at Boston Consulting.
- Fact 3: Burnham urged to allow North Sea drilling Jackson, who founded clean energy provider Octopus in 2015, has previously called on the government to allow drilling in the North Sea.
- Fact 4: By Felix Armstrong via CityAM More Top Reads From Oilprice.com Treasury Expands Iran Sanctions Without Targeting Major Chinese Banks Europe Dodges a Rhine Crisis for the Worst Possible Reason Oil Nears $100 as Trump’s ‘Economic D-Day’ Raises the Stakes
Octopus boss Greg Jackson has called on Andy Burnham to deliver “urgent reform” to the energy market to protect households from “volatile” gas prices. Jackson, founder of the UK’s biggest household electricity supplier, said: “The government’s decision to take VAT off electricity and remove some of the levies from bills has helped soften the blow this winter, but bills are still too high.
“Britain remains far too exposed to volatile global gas prices. The wars in Ukraine and Iran have created an unprecedented double crisis, with gas prices more than doubling since the start of the year. “We urgently need to reform the market, make better use of our wind, and let people benefit from cheaper prices when green energy is abundant.” Jackson’s comments came after energy regulator watchdog said it will hike its cap on household bills by four per cent to £1,723 per year in October.
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