ENERGY sector bosses are set to take part in crisis talks with Chancellor Nadhim Zahawi and Business Secretary Kwasi Kwarteng.
This comes as the price cap is set to hit more than £4200 in January.
There has been widespread anger towards Shell, BP and British Gas owner Centrica all announcing huge profits while households continue to struggle with the cost of living.
Shell’s profits hit a record £9.5bn in the second quarter of this year, breaking the previous all-time high of £7.5bn recorded in the first quarter of 2022.
Meanwhile, Centrica saw its operating profits increase to £1.34bn across the first six months of 2022 – an increase of £262 million on the previous year.
The Sun reported gas and electricity executives are set to meet with the Cabinet ministers on Thursday morning.
It is expected energy bosses will be asked to submit a breakdown of expected profits and payouts as well as their investment plans for the next three years.
This comes as Liz Truss labelled proposals to agree support for rising energy bills with the Government and Rishi Sunak before the leadership contest is over as “bizarre”.
The front runner in the race to succeed Boris Johnson made the comments as she and her opponent faced growing calls to explain how they plan to deal with a spike in energy prices.
The overall debt bill is already three times higher than a year ago, with experts at Uswitch saying that it seems likely it will grow further over the winter.
Six million homes across the UK owe an average of £206 to their energy provider, according to a survey from the company.
In April, the same average figure stood at £188.
The Government has already promised £400 to every household as well as extra help for the more vulnerable.
On Monday, Nicola Sturgeon called on Johnson to hold an immediate emergency meeting to address the cost-of-living crisis.
