- Scottish Power proposes a plan to subsidise energy bills.
- The proposal received fierce criticism from companies.
One of the biggest energy companies in the UK, Scottish Power, has proposed a plan in which the private sector will subsidise electricity and gas bills from April 2023 when the government support ends.
Chancellor Jeremy Hunt said the Energy Price Guarantee for households and the Energy Bill Relief Scheme for businesses would end as it would be “irresponsible” for the government to “continue exposing the public finances to unlimited volatility in international gas prices”.
As experts warn that energy bills are set to inflate in April, Scottish Power Chief Executive suggests that all energy companies, including oil and gas producers, should pay into a fund that would help people and businesses go through high energy prices.
Keith Anderson explained this fund, which would be part-funded by public money, could replace other “rushed policies”, including the revenue cap on renewable generators. However, this proposal has already received fierce criticism from companies.