UK pays more for electricity than it costs to make
The way electricity prices are set has pushed UK household bills up by £7.2bn over two years, analysis suggests.
That means homes pay over the odds for power generated any other way, said the Carbon Tracker Initiative. When it's windy and sunny enough to meet demand for electricity through renewables, the wholesale cost drops to close to zero, according to Beis.But when it's not, the wholesale cost is set at the level that all providers will accept - which is the highest bid.For decades, wholesale gas was relatively cheap in the UK, and only started to soar in price in May 2021 as economies recovered from the pandemic and Russia's invasion of Ukraine disrupted supplies.
Simon Francis, co-ordinator of the End Fuel Poverty Coalition, which campaigns for warm homes, said "injustice" in the electricity pricing system was at a "shocking scale" The CTI's report takes into account the need for sources of power that can be fired up immediately such as gas-fired, or provide near constant output such as nuclear, whereas wind power for example is weather-dependent.
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