The Government is considering changes which would allow households to draw energy from the grid at cheaper rates when demand is low or more is produced due to the weather as part of a major review into the UK electricity market. On Monday, the Department for Business, Energy and Industrial Strategy (BEIS) launched a “transformational” review into the network amid scrutiny over energy security and pricing.
After almost a year of preparations, the Government has now published a consultation document which outlines potential changes it believes could “cut costs of electricity for consumers”.
Energy bills for the average household jumped by 54% to a record £1,971 in April as natural gas prices surge following the invasion of Ukraine by Russia. Prices are set to rocket further this year, with experts at Cornwall Insight predicting earlier this month that average bills could leap to £3,245 in October and then further to £3,364 at the start of next year.
