E.ON CEO grilled by Coburn on 'rigged' energy system

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Michael Lewis sat down with journalist Jo Coburn to discuss the energy crisis.

Mr Lewis discussed the tariff regulator Ofgem and the prices they set for Britons in the UK.

There have been ongoing demands for a windfall tax, in order to level the large profits energy companies are gaining from the price hike.

The Eon energy executive also discussed giving the most vulnerable customers a guaranteed lower price for their energy bills.

Ms Coburn said: “If I’m on a prepayment meter, which poorer customers tend to use I pay 47.3p a day, why can’t that be fairer?”

Mr Lewis told BBC News: “Well those tariffs are regulated by Ofgem, we don’t set those prices, they’re set by the regulator…”

Ms Coburn added: “You could talk to them about changing the system.”

Mr Lewis said: “Of course we do and we’ve lobbied for a social tariff, which would take the most vulnerable customers out of the market and guarantee them the lowest price.

“But as things stand at the moment those prices are regulated by Ofgem and the reason why the standing charge has gone up so much, by the way, is because of all of the supplier failures we saw last year.

“That’s now come into our bills and it’s £68 per customer, 20p a day to pay for the chaos and failure…”

Source: Read Full Article