Household Energy Bills - 19/2/23

The SNP has repeated calls for the UK government to slash household energy bills by at least twenty per cent as energy company profits continue to soar.

British Gas owners, Centrica, became the latest firm to announce huge profits in 2022, tripling the £948m it made in 2021 to make £3.3bn.

It comes as BP, Shell, Exxon and other major energy companies report record profits – and the Tory government refuses to expand the windfall tax or follow the lead of other countries in taxing the billions of pounds funnelled through share buybacks.

Despite the profits, households' energy bills are set to rise, with the UK government planning to increase the cost of the Energy Price Guarantee (EPG) by 20% from £2,500 to £3,000, for typical annual consumption.

In March, the £400 Energy Bill Support Scheme, a crucial lifeline for struggling households, will also be scrapped.

Commenting, the SNP’s Energy and Industrial Strategy spokesperson, Alan Brown MP said:

“Despite living in an energy-rich country, people in Scotland are being forced to pay through the teeth thanks to Tory inaction and greed, demonstrating exactly why we need the full powers of independence.

“The Tories have it in their power to significantly cut energy bills and relieve the financial strain placed on households through their cost of living crisis, but have instead allowed millions of families to suffer all while energy companies post record profits.

“Shareholders are raking in billions of pounds and yet energy bills are set to rise even further. The Tories must stop this from happening, cut bills by at least 20% and continue the £400 Energy Bill Support Scheme.

“The funds to issue support to those struggling with the worst of this crisis are there, all that’s lacking is the political will from the Tories to enact it – a recurring theme throughout their rule.

“Scotland must not be forced to pay for the Tories’ callous policies and warped priorities – we must obtain the full powers of independence so we can properly support those who need it most, reverse Tory economic failures, and return to the path towards economic prosperity.”