A new online petition is calling on the UK Government to introduce a ‘Triple Lock’ style rule for future energy price caps to restrict how much household energy bills can increase by each quarter. The proposal follows the same principles of the State Pension Triple Lock, which ensures annual uprating of the contributory entitlement is based on the highest of either earnings growth, Consumer Price Index inflation (CPI), or 2.5 per cent.
The ‘Introduce a Triple lock to restrict energy cap increases’ petition has been created by James Allen and posted on the official petitions-parliament website. If the petition received 10,000 signatures of support, the UK Government is obliged to respond, at 100,000 it would be considered for debate in Parliament.
The UK Government replaced Ofgem’s energy price cap with the £2,500 Energy Price Guarantee last April and is due to rise to £3,000 from this April and be in place for 12 months.
While this is designed to help protect households from rocketing fuel costs, it will not stop an increase in gas and electricity bills and millions are expected to pay more for usage until July - when wholesale gas prices are expected to drop.
Consumer champion Martin Lewis has written to Chancellor Jeremy Hunt asking him to halt the increase, warning that it will push a further 1.7 million households into fuel poverty - you can read more about this here.
The petition reads: “We want legislation introduced to restrict the energy cap so that it can rise by no more than the lowest of:
- The rate of inflation
- The average wage increase
- The interest rate set by the Bank of England
“Major UK listed energy companies are raking in billions of pounds of profit as many people across the UK choose between eating and heating.”
It continues: “Energy bills for consumers are hitting record highs as the big firms rake in record profits. These profits only benefit the executives and shareholders, who are paid millions of pounds.
“Energy is essential and people should not be exploited in this way for profit. Restrictions on the energy cap in line with what people can afford would help fix this issue.”
The petition is open until February 19, 2023.
To keep up to date with the outcome of this petition, join our Money Saving Scotland Facebook page here, or subscribe to our newsletter which goes out daily Monday to Friday - sign up here.
READ NEXT
Check how much of the £1,350 cost of living payments you are due this year
New update for people due £50 Winter Heating Payment from this month
New energy petition calls for special monthly tariff for older people and disabled households
New £200 energy payment for off-grid homes to be applied to most electricity accounts this month
Full list of benefits and payments only available to people living in Scotland this year
