How to tackle the UK’s high energy costs?
The Committee’s recent interim report on the cost of energy called for an ambitious new scheme to write off billions of pounds of consumer energy debt, which is acting as a drag on costs and reform across the energy system and keeping millions trapped in fuel poverty.
The inquiry will now turn to the causes of high energy costs in the UK and how to tackle them.
The Committee has heard evidence that some of the blame for the UK’s high energy costs lies with the national energy model. Designed to foster competition after the energy sector was privatised, the current system may not be structured to drive the transition to renewables. The energy price spike following Putin’s invasion of Ukraine led to widespread energy supplier failures, exposing regulatory weaknesses and adding further costs.
Meeting details
Across two panels the Committee will examine the operation of the UK’s wholesale electricity market, where reforms are needed to help bring down the cost of electricity, what the future is for gas and how we can get more renewables built and connected to the grid.