Greg Jackson, founder of Octopus, the UK’s largest household electricity supplier, has called on Andy Burnham to deliver “urgent reform” to the energy market. Jackson stated that this reform is needed to protect households from “volatile” gas prices.
His comments follow an announcement from the energy regulator that the cap on household bills will increase by four per cent to £1,723 annually in October. Energy prices are projected to rise further next year, with Cornwall Insight forecasting a nine per cent jump to £1,872 from January.
Jackson highlighted that while the government's decision to remove VAT from electricity and some levies has helped, bills remain too high. He attributed the current situation to Britain's exposure to volatile global gas prices, which have more than doubled since the start of the year due to conflicts in Ukraine and Iran. Jackson advocated for market reform, better use of wind energy, and allowing consumers to benefit from cheaper prices when green energy is abundant.
Shadow environment secretary Victoria Atkins described the bills hike as “outrageous,” accusing the government of “broken promises.” She expressed concern that households will suffer from rising bills.