‘Big Six’ investigated as annual energy bills look set to rocket by 2020!

According to consumer watchdog Which?, consumer energy bills could rise by £640 annually within seven years. The average annual bill could exceed £2000, even if wholesale costs of gas and electricity remain stable.

Moreover, Which? has predicted that energy companies will need to spend £118bn on new infrastructure from now until 2020. This will be paid for by the consumer through an inevitable increase in energy bills, further strengthening the case for sustainable energy. This money would go towards building new power stations, replacing existing grids and working to make Britain more sustainable, lowering carbon emissions by building more renewable energy resources such as wind farms.

Richard Lloyd, director of Which?, said: "I don't think consumers know that this is heading their way and that decision has already been made by the Government.”
"This is a massive chunk potentially on everyone's bills. This means one thing: household bills are set to rise, and to rise for many people very steeply for the foreseeable future."
Which? is campaigning for a full market investigation to find out if consumers are paying a fair price for energy. Britain has since been warned that it faces an energy investment freeze and a higher risk of blackouts due to the deepest ever investigation into the big six power suppliers. The energy sector is reliant on investors, who need a secure return on investment in order to finance projects.
Angela Knight, of Energy UK, the body representing the industry, said: "A lot of this is all about the policy that the Government and previous Government signed up to.”
"Right now there is significant concern about the price of a bill and that is before much of this investment comes through. At the same time, a lot of our stuff is old and you do have to refresh and replenish," she added.

Warnings were dismissed by energy regulator Ofgem. An investigation is to be undertaken by newly created Competition and Markets Authority (CMA) and could lead to the dissolution of the big six power companies including British Gas and E.ON by separating their supply arms and the generation units that own the power stations.

Consumers will no doubt be feeling the pinch in years to come, so it seems now is the time to prepare. Alternative energy resources and energy savers are possibilities when trying to reduce traditional energy consumption. By insulating your house correctly and investing in double glazing, you will reduce energy wastage in your home and therefore use less energy. Making your home sustainable by investing in renewable energy like solar panels is also an option and you could see a return on investment in just a few years. 

Once your house has been fitted with solar technology; the financial input will be minimal, homeowners also have the opportunity to sell excess solar energy back to the energy industry.


To find out more about solar panel installation, please contact us on: 08450 036 882 or visit our website on www.first4solar.co.uk