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Currently Playing: The UK Has Cheap Energy, So Why is Your Bill So High?

The UK has some of the most expensive household electricity in the world. Why are energy bills so high, and will they ever come down? The price you pay is shaped by rules set by Ofgem, the UK’s energy regulator. Neil Kenward is their Interim Director General of Markets. Thank you to everyone who sent in a question! 🤝 Want 1:1 financial help from us? Answer a few questions to find the right service & book free call: https://getmost.typeform.com/pod-episodes 🎉 Sponsors Vanta - Get your company secure and compliant: ⁠https://vanta.com/makingmoney Xero accountancy software - get 90% off for 6 months: https://referrals.xero.com/makingmoney - If you purchase a product or service using one of the links above, we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk. This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life. Chapters: 00:00 What Does Ofgem Do? 06:32 - Why Did So Many Companies Collapse? 09:52 - The Price Cap 12:07 - What Your Bill Pays For? 16:56 - Cost Of Renewables 20:37 - Why Is It So Expensive? 24:55 - Xero Ad 25:59 - Why Does Gas Set The Price? 36:55 - Bills The Same In 2050? 40:05 - Why We Pay Wind Farms To Switch Off 46:31 - Vanta ad 47:21 - Change The System? 50:32 - North Sea Gas? 51:42 - Too Much Profit? 57:26 - Standing Charges 01:10:33 - Energy Storage 01:14:10 - What About Nuclear? 01:20:16 - How To Reduce Your Bill