Energy prices rocket when there is a high demand for electricity, less availability for generation sources, fuel cost and powerplant availability. Unfortunately for both residents and business owners the demand for electricity at the moment is higher than ever.
In fact, in the first quarter of this year the UK’s net electricity imports reached the highest ever demand for electricity that the UK has ever seen. On average energy bills have been rising by about 12.5% each year resulting in people owing money to the energy companies or by using minimal amounts of energy.
Many home and business owners are deeply concerned about how much the energy prices are going to increase when we are estimated to crash out of the EU with a no-deal Brexit in January 2020.
One expert shared her opinion on the matter estimating a 30% increase on energy prices although there is a lot of uncertainty on the matter and could even be higher. Another expert stated that the energy prices in the UK would rise by an average of £500 million every year by 2020s if the UK left the EU’s internal energy market.
Energy companies such as Toto Energy, Uttily Energy, Eversmart Energy, Solarplicity, Cardiff Energy Supply and many more have all gone bust this year. With this the Citizens Advice Bureaux stated that at least 32,000 people that have owed money to these energy companies which have gone bust, as a result lost their consumer protections and are now faced with aggressive debt collection.
In order for other companies to avoid facing the same fate they have been forced to put up their prices to cover the fuel costs and hopefully reduce the demand. Rising energy prices, low incomes and poor-quality homes proves to be a toxic combination as it is resulting in large volumes of fuel poverty. For example, over 130,000 households across greater Manchester are currently living in fuel poverty.
Options are available to help become your own energy supplier and protect yourself from the extortionate energy prices. There are various renewable energy incentives available to residential and commercial owners. These incentives are designed to combat climate change and help make our earth a better place by generating clean, green, free electricity.
BY CAITLIN MACGREGOR
Enquire on the homepage to see what you could be eligible for.