Simon Francis, coordinator of the End Fuel Poverty Coalition, said: “Households are already worried about what this conflict could mean for their finances.
“While the energy price cap provides some short-term protection, it only delays the impact of rising global prices rather than removing it.
“If the gas price crisis continues, it will feed through into the price cap decisions later this year, potentially pushing bills up again.
“That is why global conflicts can quickly translate into higher costs for households here.
“The deeper problem is that the UK remains dangerously exposed to volatile fossil fuel markets.
“Meanwhile, the easy-to-extract gas in the North Sea has already been depleted.
“Industry figures show that the remaining reserves are expensive to reach, slow to extract and won’t bring bills down any time soon.
“And while households face uncertainty, energy firms have already generated more than £125billion in UK profits since 2020.
“Ministers must ensure the system works for consumers, not just the energy giants, by accelerating homegrown renewables, rolling out a nationwide insulation programme and reforming energy pricing so bills are no longer tied so closely to fossil fuel volatility.”
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