Energy regulator to wipe millions of debt with slight increase to bills

Ofgem has revealed that nearly 2 million energy customers may be entitled to a share of £240 million from old accounts that were closed while still in credit. This is significant because it encourages individuals who have moved recently to check if they are owed money, potentially providing financial relief to many households. With around 1.9 million accounts closed in the last five years, this unclaimed credit could make a real difference for those eligible.

Ofgem, the energy regulator, is encouraging home movers to check for unclaimed energy credits, with a staggering 1.9 million people potentially owed £240 million. This is important because many individuals may not realize they have money waiting for them in old accounts, and claiming these credits could provide much-needed financial relief. It's a reminder to stay informed about your energy accounts and ensure you're not missing out on funds that rightfully belong to you.

Ofgem's recent proposal to write off £500 million in energy debt could provide relief for thousands of customers struggling with unpaid bills. However, this move means that other billpayers will likely see an increase in their energy costs to cover the shortfall. This situation highlights the ongoing challenges within the energy sector and raises questions about the fairness of distributing costs among consumers.

Ofgem is considering writing off £500 million in energy debt, potentially benefiting 195,000 households. This move could alleviate financial pressure on many families struggling with energy costs, as the average billpayer currently faces an additional £52 a year due to energy debt. If implemented, this initiative would not only provide immediate relief but also promote financial stability for those affected, making it a significant step towards addressing energy affordability.

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