UK households will remain in fuel poverty despite July energy price cap Jun 01, 2023

On July 25, Ofgem revealed the latest energy price cap, seeing the average annual energy bill fall from £2,500 to £2,074

The cost of energy bills continues to have a significant impact on the cost of living for millions of households across the UK, despite the average bill going down by nearly £450.

According to National Energy Action, approximately 6.6 million households will still be in fuel poverty from July, with bills comparable to last winter and households seeing no significant reduction in overall bills.

Dr Craig Lowrey, Principal Consultant for Cornwall Insight, says: "Our forecasts for the second half of 2023 show the prospect of a more stable energy climate, which all being equal, will see energy bills continue their downward trajectory. However, in the short-term they still remain well above historic highs."

This is partly due to support schemes coming to an end - such as the £67 monthly subsidy the Government introduced last year to ease costs.

And while some support schemes are still available, like the cost of living payments administered by DWP, NEA report that over two million households who require support are unable to access this as they are not in receipt of means tested benefits.

While many will feel relieved by any sort of respite from high fuel prices, NEA chief executive Adam Scorer says prices are two-thirds higher than the start of the energy crisis, with the effects of fuel poverty far from over for many.

In the face of the market's instability, YES Energy Solutions has secured various contracts to deliver bespoke energy advice, retrofit coordination and home energy upgrade installation, aimed at providing long-standing solutions to high energy bills and cold homes.

YES CEO Duncan McCombie says: "The ongoing conflict between Russia and Ukraine has completely changed the lives of many, with energy bills soaring above historic expectations.

“Support is out there for households, but beyond this we must ensure they have long-term security.

“Our advisors are qualified to provide industry standard energy advice, and our industry accredited network of installers are on hand to ensure measures are installed to an excellent standard, to futureproof residents and their homes against the next few unsure years.”

With energy bills not expected to drop below pre-Covid levels for years to come, YES is reaching out to vulnerable and low income residents, offering support and energy advice such as guidance on income maximisation and support through energy efficient behaviour changes.

If you want to help your customers reduce the effects of fuel poverty, call 01422 880100 or fill out a contact form to find out more about working with YES.

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