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Container ship sinks in Strait of Hormuz as Iran steps up attacks
Source: CNBC
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The UK energy secretary is flirting with a bad idea for bills – the ‘rising block tariff’
There are many reasons to ignore this affordability ‘solution’, not least it being complex and fiddly. Just keep things simple “My mark of failure or success is whether I can get bills down or not. That’s the only thing I’m in this job to do.” So said Miatta Fahnbulleh, the energy secretary, recently , bracing for the hike in energy bills that looks inevitable in January. Industry projections suggest £400-ish on an annual basis is on the way, with “stubbornly high” levels for the rest of decade even if wholesale gas prices cool down. So, yes, one can understand why “affordability” is Fahnbulleh’s “top priority”. And, as this newspaper reported last week , there is likely to be an intervention in that direction in chancellor John Healey’s budget this month: £1bn of extra support for poorer households this winter. Continue reading...