Energy bosses to meet UK minister on fuel debts; City regulator ‘concerned’ over life insurance market – business live

Energy bosses to meet UK minister on fuel debts; City regulator ‘concerned’ over life insurance market – business live

Live coverage of business, economics and financial markets as bosses from Centrica, EDF, E.On and Octopus Energy among those meeting minister

Energy debt levels across Great Britain’s households are at their worst level since the start of the crisis prompted by Russia’s full-scale invasion of Ukraine, according to the head of the energy industry’s lobby group.

Emma Pinchbeck, chief executive of Energy UK, said she was concerned about how households would fare over winter.

We’ve been very worried. We’ve got record levels of debt. It’s if anything worse than at any other time in the crisis.

I completely understand why people would think that way given the reports of big profits elsewhere in the sector particularly in oil and gas production. But it’s important that people understand that the retail sector doesn’t make huge profits.

In most of the time I’ve been doing this job they’ve been losing money. That’s because they’re exposed to the high gas prices that everyone else is, and they buy gas to sell to customers. Under the price cap they are limited in the profits they make.

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