Truss sets out plans to secure energy supply and curb costs

Speaking yesterday (Sept 8, 2022) in the House of Commons, PM Liz Truss set out an Energy Price Guarantee for household energy users and businesses, plus plans to boost domestic energy supply and make the UK an energy exporter by 2040.

Addressing Parliament, Truss said: “Decades of short-term thinking on energy has failed to focus enough on securing supply – with Russia’s war in Ukraine exposing the flaws in our energy security and driving bills higher. I’m ending this once and for all.”

Under the new plans, a typical UK household will pay no more than £2,500 a year on their energy bill for the next two years from 1st October, through a new Energy Price Guarantee – superseding the existing energy price cap - which limits the price suppliers can charge for units of gas.

A further saving of around £150 will come from temporarily removing green levies. The measures announced by Truss are expected to save the average household £1,000 a year based on current energy prices and comes in addition to the previously announced £400 energy bills discount for all households.