Octopus Boss Warns UK Is Too Exposed to Global Gas Prices
CNOOC Posts Record Profit as China Pumps More Oil at Home CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and… Octopus boss Greg Jackson has called on Andy Burnham to deliver “urgent reform” to the energy market to protect households from “volatile” gas prices.
Jackson, founder of the UK’s biggest household electricity supplier, said: “The government’s decision to take VAT off electricity and remove some of the levies from bills has helped soften the blow this winter, but bills are still too high.
“Britain remains far too exposed to volatile global gas prices.
The wars in Ukraine and Iran have created an unprecedented double crisis, with gas prices more than doubling since the start of the year.
Jackson’s comments came after energy regulator watchdogsaid it willhike its cap on household bills by four per cent to £1,723 per year in October.
Households will have to spend £264 more on energy bills within a decade, according to analysts at Boston Consulting.
Jackson, who founded clean energy provider Octopus in 2015, has previously called on the government to allow drilling in the North Sea.
Heclaimsthat new drilling in the oilfields would bolster the UK’s energy security and push down prices, warning that the country is “staring down the barrel” of an energy crisis.
Andy Burnham had been expected to decide whether to allow new North Sea drilling after consultations on the Rosebank and Jackdaw gasfields ended earlier this month.
But the Prime Minister hasreportedly optedto push his decision on the contentious topic back until the autumn over fears around the “optics” of approving new drilling during a summer of record heat, drought and wildfires.
Ofgem’s price cap hike has put Burnham in line forheavy criticismfrom political opposition figures after he pledged to cut living costs for working households.
Shadow environment secretary Victoria Atkins described the bills hike as “outrageous,” accusing the government of “broken promises”.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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