iNews| Supplier of Last Resort payments costing consumers

Costs to compensate energy companies who take on customers from failed suppliers have resulted in an average increase in domestic electricity bills by £34.36 in 2022-23.

Senior Analyst Laura Woolsey spoke to iNews on what needs to change if we are to protect both consumers and companies.

We need to see more than short-term fixes, we need long-term reform. This includes seriously considering the future of the default tariff cap, which is currently working as a barrier to the success of smaller energy firms, and not safeguarding the cost of energy bills. Ultimately if more suppliers fail, consumers will be the ones left with the bill.

Laura Woolsey