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UK: Energy firms accused of profiting from care homes with high rates

Author : Pankaj Singh | Published Date : 2022-11-17 

UK: Energy firms accused of profiting from care homes with high rates

Energy companies have been recently impeached for profiteering by imposing horrendous and financially crippling rates on nursing homes facing massive bills this winter season.

Martin Green, Care England's chief executive, the biggest organization for independent adult care professionals, has indicted gas suppliers of being unethical in their dealings.

Green has requested the Department for Business, Energy and Industrial Strategy (BEIS) and Ofgem to investigate the practices of the suppliers.

According to an analysis by the non-profit energy consultancy Box Power Cic, gas suppliers have not informed enterprises in the care industry about the recent drops in wholesale costs.

As per the supply license issued by Ofgem, companies are obliged to take all necessary measures to guarantee that the conditions of each agreement are not overly onerous for customers who are not bound by long-term agreements.

However, there are few situations where the consequence has been as severe and destructive as in the adult social care field, which is compelled to heat facilities this winter and boost ventilation by bringing fresh air into indoor spaces, Green added.

The Covid pandemic put a strain on care facilities all over the nation, and the government's approach to care facilities in England at the beginning of the pandemic has been deemed illegal.

Green claimed that the sector had an underlying financial instability and its requirement to use energy extensively has driven providers deeper into an already hazardous situation.

Natural gas prices have dropped significantly in recent weeks as the winter is yet mild and great efforts in filling up European storage facilities have allayed concerns of Russian gas shortages this winter.

As per reports, the government unveiled a six-month program last month to lower the cost of electricity for businesses. According to the Box Power report, rates were being raised by an amount greater than the government's discount. It claimed that firms were paying 25p ($0.29) to 40p ($0.47) per kilowatt hour, much more than the spot price of about 3p ($0.035).

Source credit: https://www.theguardian.com/business/2022/nov/16/energy-firms-accused-profiteering-horrendous-rates-care-homes

About Author

Pankaj Singh . .

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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