BusinessCompany NewsTreasury toll blamed for energy price hike

Treasury toll blamed for energy price hike

Gas and oil companies slam policymakers for higher taxes imposed on energy providers feeding through to consumer bills

Higher tax tolls imposed by the
Treasury
account for almost 50% of last week’s rise in household energy bills, power
companies have claimed.

In response to the price hikes announced by npower, the Chancellor summoned
the head of energy watchdog Ofgem, Alistair Buchanan, to a meeting at the
Treasury to explain what can be done about rising bills.

One company told The Telegraph yesterday: ‘Mr Darling can grandstand
all he wants, but we will not let him forget that a sizeable chunk of price
rises is due to higher “green” taxes and other costs introduced by the
Treasury.’

It is estimated that rises in the three main green taxes this year, including
the Carbon Emissions Reduction Target, will add £28.50 to annual household
bills. npower’s price rise will raise its average annual electricity bill by
£64.

A source at another energy company said: ‘No one is against green taxes. Most
of us are in favour. But it’s a bit rich for a chancellor to give the impression
that we’re all profiteering when the Treasury is putting up our prices.’

Further reading:

Treasury
needs more cash to plug black h
ole

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