It’s a “slap in the face” for consumers already squeezed by stagnant wages and rising food costs. That’s the opinion of Omar Rahim, CEO of blockchain and AI energy solutions company Energi Mine.
In response to the news that British Gas was to increase its prices by 5.5%, rahim said: “The fact that British Gas is raising prices again is a slap in the face for already squeezed consumers, especially as wages remain stagnant. Worse still, this rise will likely signal another round of price hikes from the rest of the big six.
“British Gas raised prices by 12.5 per cent in September of last year. This latest rise will prove difficult for already stretched consumers to deal with.
“In our current system energy companies are incentivised to sell more energy at the highest possible price, at the expense of the consumer. Without decisive government legislation, we’re seeing an emerging trend that the only way to save money on energy is to move away from the big 6.
“We need to move to an ecosystem where consumers are given the power. The technology is there to match customers with smaller providers and facilitate a P2P system of power distribution. The traditional model of large, centralised power stations generating the vast majority of the UK’s electricity will in coming decades become a relic.”