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15 Nov 2019

News

Moneyfacts.co.uk calls on Ofgem to help pensioners with increased energy costs.

Many people in the UK are faced with having to stretch their finances to the limit with the news that NPower, EDF energy and British Gas are hiking fuel prices by around 15 per cent, but for many elderly members of our society, this could prove a hike too far.

Andrew Hagger of Moneyfacts.co.uk comments:

“This increase is going to cause financial heartache for many of us, especially with the energy price hikes, coming on top of rising food, petrol and mortgage costs. However for those on limited and fixed incomes, some will simply be unable to afford this massive jump in gas and electricity costs.

“Whilst Moneyfacts.co.uk encourages everyone to check online and switch to the cheapest deals available, there are people out there who will simply be unable to afford these inflated prices.

“There are many pensioners in the UK who are having to survive on a state pension and scared to turn up their heating, even before these massive price rises. There is a real danger that many could freeze to death as we approach the coldest part of winter.

“The older generation are not part of the culture that doesn’t worry if they can’t pay their bills; in fact they are the complete opposite and would rather switch down their heating than face the stigma of being unable to pay their way.

“Whilst we appreciate that the Government contributes via winter fuel payments, with the latest price rises, further financial assistance in the form of lower tariffs is required.

“Moneyfacts.co.uk has today written to ask Ofgem to step in and help the elderly and other low income groups by forcing Gas and Electricity suppliers to proactively switch these vulnerable people to cheaper ‘social’ tariffs rather than it being just an option.

“Although the cost of wholesale gas has increased markedly, the power giants will still report combined profits of billions of pounds this year. Whilst taking such action would reduce profitability, we must remember that many elderly customers live in smaller than average accommodation and thus would involve the energy companies discounting bills that are likely in many cases to be smaller than the national average.”

 

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry. 

 

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