On the 1st of April the price of heating your home will rise by 6.4%. The cost of energy for a typical household will be £1,849, still sitting over 50% higher than the price cap before 2022.

This might be a surprise to those who have listened to promises from the UK Labour Government that household energy bills will fall by £300 by 2030. It’ll be more of an insult than a surprise to the pensioners who have seen their winter fuel payment cut.

I wish I could tell you this is just some sick April Fool’s joke but unfortunately, it’s deadly serious.

Research by Unite the Union has shown that 67% of pensioners have reduced their heating, 33% are taking fewer baths or showers, and 16% have cut back on hot meals as a result of cuts to the winter fuel payment. Citizens Advice report that the total debt households owe energy suppliers has reached a record £3.8billion, with five million people in a household that is in debt to their supplier.

The reason put forward for these record-breaking and wallet-bursting bills is a complicated picture of international market pressures, buffeted by conflict and climate change. Undoubtedly these are factors at play, but a key and unique part of the UK’s story is missing: corporate profiteering.

Research carried out for the End Fuel Poverty Coalition finds energy companies across the system have pocketed over £420bn in profits. The companies given control of our energy networks, responsible for the pylons and substations you might see around you, oversee a natural monopoly industry. They’ve reported higher profit margins than any other sector of the economy.

Ultimately, it’s money........

© Herald Scotland