Many UK households in energy debt at 5-year high in 2020

Many UK households in energy debt at 5-year high in 2020: The amount of UK households that are in debt to their electricity provider struck a 5-year high nearing the close of 2020.

That’s as reported by new figures acquired by price comparison & switching website energyhelpline, that says about 770,000 households had money due to their suppliers amidst July and September of last year.

In accordance to the study, this is the highest amount since 2015.

The summary, which accumulates data by Ofgem, indicates the 1st three quarters of 2020 showed a rise in the amount of customers in debt to their electricity supplier in comparison to the quarters during 2019.

The increase of energy debt was 12% from January to March, from April to June it was 5% & 7% from July through September.

Tom Lyon, Director of Energy at energyhelpline, stated: “Today’s figures could be the beginning of a surge in energy debt right across the country. Not only are consumers facing higher bills as a result of having to use more energy at home, but the pandemic also leading to the real prospect of more expensive energy into 2021.

“Wholesale energy prices, which make around half of energy bills, have continued to increase since last spring as markets recover from the height of the global pandemic.

“This, in turn, has helped raise the cost of the cheapest fixed tariff by 8% or £63 a year since April, so now is a good time to fix if you’re looking to switch.”

Many UK households in energy debt at 5-year high in 2020

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