Ofgem warns PPI holders over energy bills

Energy regulator Ofgem has warned that UK consumers could face significant hikes in their energy prices over the next ten years, which could encourage people to launch payment protection insurance (PPI) missellng compensation claims to raise extra funds.

The body claimed that bills could shoot up by more than a quarter over the next decade, with investment in the industry urgently needed to keep costs down and safeguard supplies.

Now is a crucial time for the country to invest in "far-reaching reforms" to meet supply challenges, it said.

"We do not advocate change lightly, but all the facts point to the need for reforms now to provide resilient supply security. Acting earlier will also help keep costs as low as possible for consumers and businesses," the organisation added.

According to research by Which? 65 per cent of people are worried about meeting the cost of future energy bills.

Posted by Damien Tomlinson