Page 3 - Igloo Energy News Today

OVER 350 jobs are at risk as the a partly publicly owned Scots energy firm became the latest energy supplier to collapse.

OVER 350 jobs are at risk as the a partly publicly owned Scots energy firm became the latest energy supplier to collapse.

Ovo Energy is said to be axing roughly 1,700 out of 6,200 roles as part of a voluntary redundancy programme in a bid to save costs.

Ministers have concluded that something needs to be done before prices rise on April 1 as the price cap is increased, but have not yet decided what form this will take.

Fears of runaway bills for UK households in the new year have been mounting since September as the cost of gas in wholesale markets rose by more than 500 per cent in less than 12 months

Employees could see their bills rise 18 per cent to £868 to cover the extra costs of heating and electricity to power lights and computers if current guidance continues until February

Ovo chief executive Stephen Fitzpatrick said the impact of soaring wholesale gas prices will be an enormous crisis for Britain in 2022. Pictured: Kwasi Kwarteng.

Liberal Democrat leader Sir Ed Davey warned energy bills will be the worst possible gift this Christmas as the party found households will pay £100 million more this year.

Fears of runaway household bills in the new year have been mounting since rising gas prices bankrupted more than two dozen suppliers since September, costing the industry £1.8billion.

Good Energy, EDF and trade body Energy UK are calling on the Government to urgently intervene after the cost of gas in wholesale markets rose by more than 500 per cent in less than a year.