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Bill payers vs billionaires: war windfalls for energy elite as bills set to rise

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 A worker collects engine oil as he works at a degassing station in Zubair oil field near Basra, Iraq

ENERGY firms raked in an excess of £6 billion in Iran war windfall profits this year, it was revealed today as households brace for yet another bill rise at the end of the month.

Campaigners said profits generated in Britain by these companies equate to over £200 for every household in the country, while a further increase in gas prices is expected in the next Ofgem price cap announcement on August 26.

Financial results posted by the world’s top energy firms revealed their British profits are only one part of their global profits, totalling £95bn in 2026.

Analysis from the End Fuel Poverty Coalition (EFPC) revealed the excess profits linked to global energy market disruptions as a result of the US war on Iran, which has increased cost pressures on households in Britain, as well as other countries.

Researchers looked at financial results posted by BP, Centrica, Chevron, Equinor, ExxonMobil, Iberdrola, Shell and Total.

EFPC co-ordinator Simon Francis said windfall profits must be considered alongside previous findings saying a third of households are “on the brink of, or are in energy debt.”

“These price shock profiteers are doing very well out of the Iran conflict, but they are doing little to solve the underlying problems,” Mr Francis said.

“As people brace for the next price cap announcement on August 26 and a third of households are on the brink of or in energy debt, the energy industry watches the profits climb.”

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https://morningstaronline.co.uk/article/bill-payers-vs-billionaires-war-windfalls-energy-elite-bills-set-rise

Continue ReadingBill payers vs billionaires: war windfalls for energy elite as bills set to rise

Greens urge Burnham to cut energy bills before winter

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 Andy Burnham delivers a speech at the People’s History Museum, Manchester, to pledge to give Britain the “circuit-breaker it needs” while unveiling his plans for devolution and the economy, June 29, 2026

THE Green Party called on prospective prime minister Andy Burnham yesterday to cut energy bills by £150 before winter by shifting policy costs off household electricity bills and onto general taxation.

Zack Polanski’s party said a wealth tax should partly fund policies including the warm homes discount, which are currently funded through electricity bills and account for nearly 10 per cent of domestic electricity charges.

Ofgem’s price cap rose by 13 per cent yesterday to £1,862 a year for the average household, with forecasters expecting prices to remain high this winter.

Cornwall Insight predicted a typical household would face a bill of £1,849 from October.

After Chancellor Rachel Reeves moved some policy costs onto general taxation in November’s budget, the Greens urged Mr Burnham and his new chancellor to do the same for the remaining five policies funded through bills, saving around £120 a year on average.

Removing energy debt servicing costs from bills could save a further £35 a year.

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Article continues at https://morningstaronline.co.uk/article/greens-urge-burnham-cut-energy-bills-winter

Andy Burnham says that he doesn't have any answers.
Andy Burnham says that he doesn’t have any answers.
Continue ReadingGreens urge Burnham to cut energy bills before winter

Tax every penny of windfall profits oil and gas giants have made since illegal war on Iran, say Greens

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Green Party MP Hannah Spencer by ©House of Commons, CC BY 3.0
Green Party MP Hannah Spencer by ©House of Commons, CC BY 3.0

Commenting on the new energy price cap announced today by the Regulator Ofgem, that could see a 13% increase in a typical household’s energy prices, Hannah Spencer, Green MP for Gorton and Denton, said:

“Today’s Ofgem price cap announcement will leave so many people even more stressed out and worried about affording their energy bills. Millions of people are already struggling to make ends meet, and it is unacceptable that energy costs continue to shoot up whilst BP’s profits double. 

“We need immediate government intervention. Rachel Reeves needs to step in and freeze the cap before energy bills go up on July 1st. And if she’s wondering how to pay for it, there are some people doing very well out of this crisis. The government should start by taxing every penny of the huge windfall profits oil and gas giants have made since the start of the illegal war on Iran.

“Our energy market is incredibly unfair, built to line the pockets of shareholders whilst working people foot the bill. It’s a damning indictment of rip off Britain that simply keeping our homes warm enough in winter and cool enough in summer has become a luxury very few people can afford. We need urgent action, now.”

Continue ReadingTax every penny of windfall profits oil and gas giants have made since illegal war on Iran, say Greens

13% energy price hike makes ‘workers pay for Trump’s war’

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https://morningstaronline.co.uk/article/13-energy-price-hike-makes-workers-pay-trumps-war

 Go further, faster: Paul Nowak

HOUSEHOLDS must not bear the brunt of US President Donald Trump’s illegal war, campaigners warned today, as energy bills are set to rise by 13 per cent.  

Ofgem’s new price cap from July 1 will see the typical household face an annual energy cost of £1,862 — up £221 on current levels, or £18 a month. 

The regulator said higher wholesale gas prices, “driven by ongoing conflict in the Middle East,” were behind the increase. 

Energy costs have soared since the US and Israel began their war on Iran and the subsequent blocking of the Strait of Hormuz.

Calls have mounted for the government to set out action to support the most vulnerable with bills, but Chancellor Rachel Reeves has refused any immediate energy measures in her cost-of-living plan. 

TUC general secretary Paul Nowak said the government must “go further and faster to protect households from punishing energy price rises in the coming months.”

“Households must not bear the brunt of costs from Trump’s illegal war,” he said.

“Painful energy price rises are coming down the track — and working people are already feeling the pinch with fuel costs rising because of Trumpflation.

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Eva Watkinson of Debt Justice called it a “scandal” that the cap was rising while energy companies continued to post enormous profits, saying the government must “immediately act to write off debts that have built up during the cost-of-living crisis.”

Green MP Hannah Spencer demanded immediate government intervention, telling Ms Reeves to freeze the cap before bills go up. 

“And if she’s wondering how to pay for it, there are some people doing very well out of this crisis,” she said. 

“The government should start by taxing 100 per cent of the huge windfall profits oil and gas giants have made since the start of the illegal war on Iran.”

https://morningstaronline.co.uk/article/13-energy-price-hike-makes-workers-pay-trumps-war

Keir Starmer explains that UK is actively supporting Israel's genocidal expansion and repeats his previous quotation that he supports Zionism "without qualification". Keir Starmer said “I said it loud and clear – and meant it – that I support Zionism without qualification.” here: https://www.jewishnews.co.uk/keir-starmer-interview-i-will-work-to-eradicate-antisemitism-from-day-one/
Keir Starmer explains that UK is actively supporting Israel’s genocidal expansion and repeats his previous quotation that he supports Zionism “without qualification”. Keir Starmer said “I said it loud and clear – and meant it – that I support Zionism without qualification.” here: https://www.jewishnews.co.uk/keir-starmer-interview-i-will-work-to-eradicate-antisemitism-from-day-one/
Continue Reading13% energy price hike makes ‘workers pay for Trump’s war’

‘Never-ending cost-of-living crisis’

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https://morningstaronline.co.uk/article/never-ending-cost-living-crisis

 An online energy bill

Labour urged to reform energy pricing over surprise rise in bills

LABOUR was urged to reform energy pricing yesterday as unions and campaigners warned that a surprise 2 per cent rise in bills will hit 12 million homes already in fuel poverty.

GMB union hit out at the “never-ending cost-of-living crisis” after regulator Ofgem announced that the average household’s energy bill is to rise to £1,755 a year from October — despite wholesale prices falling by 2 per cent over the past three months.

Standing charges — the figure consumers pay per day to have energy supplied to their homes — are set to rise by 4 per cent for electricity and a whopping 14 per cent for gas, or 7p a day.

The 2.21 per cent year-on-year rise means average annual energy bills will be £713 higher than in winter 2020/21.

GMB national secretary Andy Prendergast said: “People are already struggling under a never-ending cost-of-living crisis.

“Any increase in energy prices could crash millions of household budgets.

“To make any green transition work, the UK has to be pragmatic: taking advantage of cheap gas prices to cut bills instead of subsidising heat pumps for the richest.

“The poorest in society must not be the ones who bear the biggest burden for saving our planet.”

Energy minister Michael Shanks blamed wholesale gas prices remaining 75 per cent above their levels before Russia invaded Ukraine. 

But End Fuel Poverty Coalition co-ordinator Simon Francis said: “We need urgent reforms to fix the broken pricing system, steps to ensure households benefit from targeted support for cold homes, a nationwide insulation and ventilation drive, reform of energy trading rules and lower standing charges.

“Meanwhile, expansion of renewables and upgrading the grid must be funded by investment or by tackling excess network and energy company profits, not by loading more costs onto struggling households.”

Pointing out that gas unit rates remain almost double pre-crisis levels and the cost of electricity in Britain is set by the most expensive generator — usually gas-fired power stations — he added: “It’s time for action — wind and solar are far cheaper ways of generating power and North Sea gas reserves are unable to meet domestic heating needs from 2027.”

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Article continues at https://morningstaronline.co.uk/article/never-ending-cost-living-crisis

Continue Reading‘Never-ending cost-of-living crisis’