Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleOctopus Energy has urged the incoming prime minister to overhaul Britain's energy market, proposing reforms that could save a typical household up to £114 annually and businesses £6 billion a year. The energy provider also suggested shifting energy levies into general taxation, which could further reduce electricity bills for households by £75 a year, with higher earners contributing more. These proposed reforms aim to address the current inefficient system where expensive gas often dictates prices, even when cheaper renewable energy is available, leading to wind farms being switched off. Octopus Energy warned that the current market inefficiencies added £1.5 billion to household bills last year and could escalate to £10 billion annually by 2030 if no changes are implemented. The company estimates that comprehensive market reform, including unlocking smart grid flexibility, could lead to total savings of up to £83 billion by 2050, though it cautioned that such changes would take two years to implement. In fullOctopus Energy founder Greg Jackson tells Burnham how to slash energy bills by £200 a yearMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
How Andy Burnham could reduce UK energy bills by £200 a year
Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleOctopus Energy has urged the incoming prime minister to overhaul Britain's energy market, proposing reforms that could save a typical household up to £114 annually and businesses £6 billion a year. The energy provider also suggested shifting energy levies into general taxation, which could further reduce electricity bills for households by £75 a year, with higher earners contributing more. These proposed reforms aim to address the current inefficient system where expensive gas often dictates prices, even when cheaper renewable energy is available, leading to wind farms being switched off. Octopus Energy warned that the current market inefficiencies added £1.5 billion to household bills last year and could escalate to £10 billion annually by 2030 if no changes are implemented. The company estimates that comprehensive market reform, including unlocking smart grid flexibility, could lead to total savings of up to £83 billion by 2050, though it cautioned that such changes would take two years to implement. In fullOctopus Energy founder Greg Jackson tells Burnham how to slash energy bills by £200 a yearMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
