The energy price cap was “a very bad idea” that has “outlived its purpose”, an energy industry expert has said.
Robert Buckley, head of relationship development at energy consultancy Cornwall Insight, said the price cap was “always going to lead the market into disrepute."
He told Times Radio the measure was introduced as a short-term measure to shut down the previous cost of living energy debate by Theresa May's government.
"At some point it was going to lead the market into disrepute and probably triggering a wave of supplier failures, which it has done and a wave of costs on consumers,” he said.
"It's probably outlived its purpose. It was never designed for a situation like this. But, you know, if you don't want to have a price cap in a situation like this, then don't design a price cap in the first place."
Chancellor Nadhim Zahawi yesterday admitted even middle-earners, making £45,000 a year, would find it difficult to cope with energy bills this winter.
The energy price cap is set to rise by 80% by October, pushing the average household's yearly bill up from £1,971 to £3,549 and industry regulator Ofgem warned the Government it must act urgently to "match the scale of the crisis we have before us".
Of the contenders to replace Boris Johnson as Prime Minister, Liz Truss is reportedly ready to give extra winter fuel payments to pensioners to ease the burden - despite in the past insisting she was focused on tax cuts rather than "handouts".
While her rival Rishi Sunak has said he will provide additional support targeted at the most vulnerable.
Mr Buckley said the period of extremely high energy prices has "a way to go".
He told Times Radio "there are a number of choices open to politicians" and "there are a number of levers that can be pulled" in terms of dealing with the energy crisis.
He said: "Firstly, around direct relief on consumer bills, and by the way, should that extend to businesses?
"Secondly, you can look at the structure of where these price rises are coming from and maybe there's something that can be done to intervene in the wholesale market, particularly around the wholesale price of gas.
"Maybe there are things that you can do by encouraging renewables generators to trade very high prices now for investment in the future."
