Published by Alexander Bueso on 14th August 2022
(Sharecast News) - Scottish Power and Eon have called for a special fund to be created that would allow customers' bills to be frozen for two years and to spread the cost of the natural gas price crisis over ten years or more. According to Scottish Power boss, Keith Anderson, "unprecedented times call for unprecedented action". UK families on default energy tariffs are staring at a surge in their annual bills from £1,971 to around £3,582 from 1 October when the new price cap set by Ofgem - and which is due to be announced on 26 August - is due to go into effect. The proposed 'deficit fund' would be backed by a government guarantee, allowing it to borrow billions from lenders such as Barclays, who had expressed interest in a prior similar proposal. - The Sunday Times