Posted on 10/01/2021 3:20:10 AM PDT by Oldeconomybuyer
A 12% rise in the energy price cap has taken effect amid warnings further increases are inevitable in the months ahead as wholesale costs surge in a time of "chaos" for the wider economy.
Labour, which has claimed a "winter of discontent" looms, accused the government of complacency over "the fuel crisis, energy costs crisis, and supply chain crisis" - factors all being blamed for adding to consumer and business costs.
The price cap shift will affect more than 15 million households stuck on so-called default tariffs - price plans for gas and electricity provision that are automatically charged to those who fail to switch or select fixed-rate deals.
Ofgem, the industry regulator which is charged with making the cap fair for suppliers and customers alike, said at the time of its price cap review in August that the hike reflected a 50% increase in wholesale energy costs over the past six months.
The rocketing sums prompted senior economist at the Resolution Foundation, Jonny Marshall, to declare that "another big rise" in the price cap lay ahead.
"There is little respite in sight for energy bills going up and up and up," he told Sky News.
(Excerpt) Read more at news.sky.com ...
You don’t hear Greta complaining about high natural gas prices.
Very sad BoJo embracing the climate hoax. If the Glasgow climate meeting still happens gonna be an incredible backdrop of energy shortages for the unwashed masses. Sleepy Joe promised to attend so he’ll bring the energy curse back to the US. Invest in popcorn while you still can!
12% is chicken feed.
A pound of bacon went from $3.89 in the spring to $6.99 this week.
For bacon lovers this is going to really make them hate biden's policies.
Gas prices in north central Florida keep climbing. It took over a week for the price to go from 3.06 to 2.82 yesterday morning. By the afternoon it was 2.96. I’m sure it will be over $3/gal for the weekend.
People that live in states that deregulated and import electricity are screwed.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.