predicted that domestic energy bills could increase by in excess of \u00a3600 within seven years<\/a>\u00a0in order to allow suppliers to the power and energy flowing. The watchdog has reportedly written to the Treasury to indicate just this, ahead of next week\u2019s budget which will more than likely bring bad news for the consumer.<\/p>\n\u00a3118 Billion Investment Needed for Energy Infrastructure\u2026<\/h3>\n
Which? have predicted that the United Kingdom\u2019s energy companies will need to invest up to \u00a3118 billion on new infrastructure over the aforementioned time period, meaning that the consumer will need to foot the bill despite the providers recording significant profits over the course of the last few years. This is set to include domestic energy customers as well as businesses across the country.<\/p>\n
The new infrastructure includes the construction of brand new power stations, building state of the art wind farms and the replacement of grids as the nation looks to sustain its power supply and also dramatically reduce carbon emissions.<\/p>\n
Energy Bills to Surpass \u00a32,000 Per Year\u2026<\/h3>\n
The average bill would exceed \u00a32,000 per year if these forecasts turn out to be correct and this is based on wholesale cists of electricity and gas remaining stable during this period. This equates to a massive \u00a3640 rise a year for households across the United Kingdom for their all-important energy and power. Executive Director of Which? Richard Lloyd was keen to warn home energy customers of what may be coming their way, so they can budget accordingly.<\/p>\n
The consumer champions have duly started a campaign<\/a>\u00a0calling for a full market investigation into these potential energy price hikes which will look to establish whether or not customers will be paying a fair price for their gas and electricity.<\/p>\nAt least one of the \u2018Big Six\u2019 Energy suppliers has not guaranteed that they will be making these investments as they aren\u2019t certain as to whether or not it will be profitable. Due to the fact that the energy firms rely heavily on investors, these commercial decisions need to be made and time will only tell as to how this issue develops.<\/p>\n
Prices Hinge on Next Week\u2019s Budget\u2026<\/h3>\n