Soaring global gas prices in 2021 have left UK households and businesses facing higher bills, with high prices predicted to continue into 2022. The knock-on effect has been felt in the retail energy sector, with many smaller firms going bust and now larger firms being affected too. The record increase in energy bills has caused 21 suppliers to collapse since the start of September, and the collapse of Bulb brings the total number of households affected by a failed energy supplier to more than 3.7 million this year.
This briefing answers the following questions:
- What has caused the spike in energy prices?
- What needs to happen in the short term to protect consumers?
- What needs to happen to stop this crisis from happening again?
- What is public opinion in relation to renewable energy investment and fossil fuel phase out?
Joe Tetlow, senior political adviser