The energy crisis is being made worse by unfair pricing. The actual cost of production has risen much less than the rise in wholesale prices.

Wholesale energy prices are set at auction by the highest bid - meaning cheaper energy is sold for the same price as the energy which is most expensive to produce (fossil fuels).

According to the IMF: “Wholesale electricity markets in the EU follow a ‘marginal’ pricing system, in which the bid with the highest price (among all accepted bids to meet consumer demand) sets the overall price. In hours of high electricity demand, this is usually a fossil fuel plant (typically, a natural gas plant).”

It is grossly unfair that the cost of renewable energy (wind, hydro, solar, etc) is determined by the rise in gas prices, and that all of us, the consumers, should pay too much for it. 

The petition calls for the wholesale price of energy to be determined by the average cost of production, not by the most expensive. 

As proposed by Greek MP, Yanis Varoufakis, and France’s Economy Minister, Bruno Le Maire: “An energy market in which the price of decarbonised electricity remains dependent on the price of fossil fuels is absurd. The more the price of gas soars, the more everyone can see this reality.”

Why is no one in the UK parliament talking about this? Why is the UK getting into massive debt to boost the profits of energy companies who don’t need the support?

For more detailed information read - 

https://diem25.org/yanis-varoufakis-picks-apart-the-corrupt-european-energy-system/

https://eand.co/this-is-why-your-energy-bills-are-going-through-the-roof-cc99e2a59d12