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Octopus boss urges UK energy market reform as gas prices stay volatile
The UK’s energy regulator is set to raise the household price cap to £1,723 per year in October.
Octopus founder Greg Jackson urged UK policymakers to deliver urgent reform to the energy market, warning Britain remains too exposed to volatile global gas prices.
OilPrice reports Jackson said the government’s recent moves, including removing VAT from electricity and cutting some levies, have softened bills this winter, but household energy costs remain too high.
He linked the current pressure on energy prices to the war in Ukraine and tensions involving Iran, saying gas prices have more than doubled since the start of the year.
The comments came after the energy regulator watchdog said it will lift its household bills cap by 4.0% to £1,723 per year in October. Energy-price forecasts cited by OilPrice also point to the cap rising further, with Cornwall Insight projecting a 9.0% jump to £1,872 from January, and Boston Consulting estimating households would spend £264 more on energy bills within a decade.