The next PM must act urgently as energy price cap reaches £3,549

IEMA's public affairs officer, Asim Ali, examines the urgent steps that the next prime minister must take on the soaring cost of energy as Ofgem raises the energy price cap by 80% to £3,549.

It is clear that the skyrocketing cost of energy bills is reaching a precarious crisis point.

Alleviating this requires action on multiple fronts.

These include urgent financial support for households who are struggling to cover rising costs, long-term investment in cheaper and more sustainable forms of energy, plus fresh policy development and funding for improving energy efficiency across our buildings.

But unfortunately, as the race to become the next PM comes to an end, it is increasingly concerning that there has been little mention of net-zero, climate change targets, or innovative solutions to the rising cost of energy in the many TV debates and hustings that have taken place.

There is growing pressure on the incoming PM to find solutions to the escalating price of energy. The average British household could spend more than £6,500 by next April heating and powering their homes, according to the latest forecasts.

Neither of the Tory leadership candidates has gone far enough in setting out their support for more sustainable forms of energy, which can help to address the UK's climate goals and battle rising energy costs.

Reinvigorated policy is required to move the UK toward a low-carbon industry. The technology to transition away from fossil fuels is available, as the flourishing renewables sector is demonstrating.

Now is the time for the next PM to back green technologies in order to reduce the UK’s reliance on importing dirtier forms of energy and take the lead on hitting our net zero goals. With wind and solar having long been competitive on price, investments in onshore and offshore wind energy, solar parks, and panels can continue to significantly reduce costs for consumers and businesses.

Balancing this investment with a more effective policy approach to energy efficiency, particularly in terms of improving the performance of the UK’s housing stock and upgrading the Green Homes Grant, will have a transformational impact on affordability.

The leadership race can be characterised as a failure in terms of recognising the need to shift momentum away from conventional views on energy, the new PM must ensure that their first 100 days in office aren’t susceptible to the same characterisation.