Ministers are drawing up plans to sever the link between the prices of gas and electricity in an effort to cut household bills for millions of families.
In what would be the biggest reform of Britain’s power market in decades, the government proposes to end the system by which the wholesale cost of gas in effect determines the price of electricity for consumers.
More than a quarter of the UK’s electricity is from renewable sources, for which costs have been largely unaffected by rising global energy prices. However, the link has been blamed for exacerbating the cost of living crisis as it has forced customers to pay over the odds for electricity because of spiralling wholesale gas prices linked to the conflict in Ukraine.
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