Soaring bills could create debt crisis
03/02/2010Energy regulator Ofgem has warned that urgent action is needed to prevent energy bills from rising to unaffordable levels by the end of the decade.
In its Project Discovery report, the watchdog warned that leaving the current market unchanged is "not an option", and have called for rapid government intervention.
Speaking on BBC Radio Four, chief executive Alistair Buchanan warned that energy bills could rise by up to 25 per cent by 2020.
This is the result of a need for £200 billion investment in the current system.
The news comes hot on the heels of research from moneysupermarket.com, which found that the average household's winter energy bill increased by 20 per cent in the last year alone.
Kevin Still, director of Atlantic, warned that "while the long-term outlook is cause for concern, it is the short-term rises that are most acute".
He also welcomed npower's new 'jargon buster' bill, which explains how the amount is calculated.
If you haven't done it already, energy switching is an obvious way of saving money – just go to www.energyswitching.co.uk.
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