"Reeves stated, 'This is something that I've been attracted to for quite some time, delinking electricity and gas prices. At the moment, when gas prices are high, we end up paying more for our electricity, even though the cost of producing it doesn't change.'"
"'It is quite a big change but is absolutely the right thing to do, especially as electricity makes up an increasing part of our energy mix,' said Reeves, highlighting the urgency of the issue."
Chancellor Rachel Reeves and Energy Secretary Ed Miliband are addressing the issue of high electricity prices linked to gas prices under the UK's marginal cost pricing model. They aim to find practical solutions to delink these prices, as high gas prices currently inflate electricity costs despite unchanged production costs. Reeves emphasizes the importance of this change, especially as electricity becomes a larger part of the energy mix. More details on their plans are expected in the coming days or weeks.
Read at www.independent.co.uk
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