Tuesday, 28 August 2018 04:58

BREXIT RISKS HIGHER ENERGY BILLS FOR HOUSEHOLDS

HIKE IN COSTS UNDERLINES CASE FOR SINGLE MARKET
 
Uncertainty over Brexit risks household energy costs spiralling, with major suppliers being required by Ofgem to set their price for winter 2020-21 contracts this October.
 

A report in today’s Financial Times warns that suppliers are likely to price Brexit uncertainty into their pricing forecasts, with consumers left to pay the difference. Firms may have to mitigate against the risk of a ‘no deal’ Brexit, with the UK crashing out of the EU and ending its participation in Europe’s internal energy market. An increasingly connected pan-European energy market has allowed companies to better balance supply and demand across the continent, helping to keep down bills.
 
This news compounds existing warnings over rising food prices, stagnating wages and severe damage to Scotland’s economy – with the SNP reiterating calls for the UK to remain within the Single Market and Customs Union to protect households against the damage of Brexit.
 
Commenting, Holyrood Economy Committee member Colin Beattie MSP said:
 
“We cannot allow the Tories to just do what they want to Scotland and get away with it. The prospect of further hikes in energy bills simply underpins the need for Scotland to maintain our close ties with Europe – remaining in the Single Market and Customs Union as a priority.
 
“It’s now just a matter of months until the Tories intend to drag us out of the EU, yet there’s no sign of a deal or a plan to protect Scottish households.
 
“We know a Tory Brexit means severe damage to our economy, tens of thousands of jobs lost,  incomes slashed and a huge rise in the cost of living.
 
“And because of dithering by the UK government, energy suppliers have no certainty for the years ahead. That means they’ll have to factor in the risk of a ‘no deal’ scenario into household bills.
 
“Once again it’s consumers left footing the bill for the Tories’ recklessness.”
 
 
Notes to editors: https://www.ft.com/content/049c11e6-9bf0-11e8-9702-5946bae86e6d “Energy groups warn of price rises under post-Brexit contracts”

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