What will the Brexit do to your energy bills?
The Brexit (still a terrible nickname) is causing a lot of debate among people, but what will it mean for consumers? Well, in terms of energy bills, there's talk of them going up, with energy costs rising by £500 million per year, if the UK leaves the EU.
This is according to the Energy and Climate Change Secretary, citing a report from the National Grid. Amber Rudd is set to warn everyone that, should the UK vote to leave, it may get removed from the Internal Energy Market (IEM), which means higher costs which will be passed on to consumers.
In a speech, Rudd is saying: "Being in the EU helps us attract billions and billions of pounds of investment in our energy system and supply chain. Taken together, this investment helps support 660,000 jobs in the UK's energy sector."
Noting that certain countries (all eyes on Russia) use their gas supply as a political bargaining tool: "To put it plainly - when it comes to Russian gas, united we stand, divided we fall."
If you haven't heard of the IEM, it is a body that exists to try and keep good competition in the energy market in Europe, and promotes regulation, transparency, and consumer protection. For those wanting to leave the EU, they could well argue that IEM hasn't done a great deal of this for UK consumers thus far, and of course, the energy companies are ripping us off regardless.
The National Grid says that, basically, admin costs of getting supplies would increase if the UK isn't in the EU, but there's a chance that the UK would be allowed to stay in the IEM, so it all might be a moot point.
Chief executive of Vote Leave, Matthew Elliott, doubts Rudd's claims, saying: "It's quite extraordinary the extent to which the Government is willing to do down Britain in its desperate attempt to win the referendum."
"If we want cheaper bills, less commission interference and the ability to spend our money on our priorities, then the safe option is to Vote Leave."