The price energy suppliers pay for electricity is linked to the price of gas-fired generation.
The way electricity prices are set has pushed UK household bills up by £7.2bn over two years, analysis suggests.
If an average price was used the UK's bill could be much lower, the not-for-profit climate think tank Carbon Tracker Initiative said.Charging an average price for wholesale electricity would have made the bill in the two years from 2021-22 £7.2bn lower, the Carbon Tracker Initiative said.What do I do if I can't afford to pay my energy bills?
Because of elevated wholesale gas prices, that type of electricity generation has been much more expensive than nuclear power and up to three times as expensive as renewables such as wind farms. He said these prices did not reflect the different technology the UK now uses to generate electricity.
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