Ovo's boss Stephen Fitzpatrick said the rise in gas price and its impact will be "an enormous crisis for 2022."
Due to the record-high wholesales gas price, each household will have to pay as much as £2,000 (17,000 yuan) for natural gas in 2022, said BBC citing a prediction by analysts. Without any kind of support from the government, household would pay 50% more for electricity.
Stephen Fitzpatrick appealed to the government that the government must show more urgency to respond forcefully to the current surge in power and natural gas prices.
Energy prices of the country experienced large fluctuation during past three months, which led to bankruptcies of more than 30 suppliers and millions of customers were forced to change supplier and cost paid by the households surpassed £4 billion.
Any action from the government or the regulator was not seen up to now, said Mr Fitzpatrick.
There's an acceptance that there's a problem, but nowhere near enough urgency to find a solution, he added.
Consumers are protected from big rises in wholesale costs by a price cap set by the regulator Ofgem. However, the cap is due to change in April. Mr Fitzpatrick said it was important "we don't waste any more time" addressing the rising cost of household energy.
(Writing by Lilya Li Editing by Tammy Yang)
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