Electricity bills set to be slashed under plans to separate them from sky-high price of gas

ELECTRICITY bills are set to be slashed next year under plans to separate them from the sky-high price of gas.

A landmark energy bill will come to the Commons today which will put into law ministers’ promises to cap bills to an average of £2,500 for the next two years.

And it will put a ceiling on the profits of wind farms and nuclear power plants to stop greedy firms benefiting from record high gas prices.

At the moment gas and electricity are tied together – pushing bills up – but ministers have long vowed to end the system which penalises customers for opting to go greener.

The so-called “cost revenue limit” will come into force in the new year in a bid to drive costs down and make it fairer.

The new laws will also give the green light for bill help in Northern Ireland, deliver similar help for businesses, and help those off the electricity and heat network grid.

Business Secretary Jacob Rees Mogg said: “Businesses and consumers across the UK should pay a fair price for energy.

“With prices spiralling as a result of Putin’s abhorrent invasion of Ukraine, the Government is taking swift and decisive action.”