![\"Spikes](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/05\/1_Worried-man-checking-bills-and-looking-at-financial-analysis-of-expenses-at-home.jpg\")
Spikes in global gas prices can hit British consumers hard due to a ‘dodgy energy market mechanism'(Image: FluxFactory via Getty Images)<\/p>\nEcotricity founder Dale Vince said the Government must scrap the ‘utterly mad’ system that ties the price of green energy to the international price of fossil gas<\/p>\n
18:52, 24 May 2025Updated 18:52, 24 May 2025<\/p>\n
Spikes in global gas prices can hit British consumers hard due to a ‘dodgy energy market mechanism'(Image: FluxFactory via Getty Images)<\/p>\n
Ministers are under pressure to fix Britain’s broken energy market which is adding hundreds of pounds to household bills.<\/p>\n
Eco-tycoon Dale Vince said the Government must scrap the “utterly mad” system that ties the price of green energy to the international price of fossil gas. Renewable energy is becoming cheaper to produce but the wholesale market for electricity in the UK uses a system where electricity is sold at the price of the most expensive unit – typically fossil gas.<\/p>\n
A report by the Green Britain Foundation found in 2023 alone, this broken market mechanism added \u00a343 billion to UK energy bills<\/a> – or \u00a3367 per household If energy prices spiked again like in 2022 \u2013 even in a future powered by mostly clean electricity \u2013 it could still cost nearly \u00a387 billion – or \u00a3741 per household.<\/p>\n Mr Vince, founder of Ecotricity who has donated millions to Labour<\/a>, said: “Labour needs to fix Britain\u2019s broken energy market if it wants to bring down energy bills. I\u2019m waiting for a reply from Keir Starmer<\/a> and Ed Miliband<\/a>. Why won\u2019t they break the link now and slash the nation\u2019s energy bills?<\/p>\n READ MORE: Ed Miliband says ‘I’m 100% up for a fight with Nigel Farage’ over urgent issue – and Starmer is too<\/a> \u201cWe\u2019ve got a dodgy energy market mechanism – that ties the price of all electricity to the most expensive source, which is nearly always fossil gas \u2013 dirty, mostly imported, and wildly volatile in price. Our report shows how this utterly mad system has been costing us billions.”<\/p>\n If the link isn’t severed, the UK will continue to be vulnerable to global market shocks such as the surge in gas prices after Russia<\/a> invaded Ukraine<\/a> in 2022, he said.<\/p>\n Mr Vince added: “By breaking this link we can slash bills and become truly energy independent, not just making the energy we need here but pricing it here too.<\/p>\n “We live in a world<\/a> of real uncertainty – it\u2019s absolutely crucial we don\u2019t repeat the mistakes we made during the last energy crisis, or worse.”<\/p>\n Be the first with news from Mirror Politics<\/p>\n BLUESKY: <\/strong>Follow our Mirror Politics account on Bluesky here<\/a>. And follow our Mirror Politics team here – Lizzy Buchan<\/a>, Mikey Smith<\/a>, Kevin Maguire<\/a>, Sophie Huskisson<\/a>, Dave Burke<\/a> and Ashley Cowburn<\/a>.<\/p>\n POLITICS WHATSAPP: <\/strong>Be first to get the biggest bombshells and breaking news by joining our Politics WhatsApp group here<\/a>. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you want to leave our community, you can check out any time you like. If you\u2019re curious, you can read our Privacy Notice<\/a>.<\/p>\n NEWSLETTER: <\/strong>Or sign up here to the Mirror’s Politics newsletter<\/a> for all the best exclusives and opinions straight to your inbox.<\/p>\n PODCAST: <\/strong>And listen to our exciting new political podcast The Division Bell<\/a>, hosted by the Mirror and the Express every Thursday.<\/p>\n![\"Dale](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/05\/0_Ecotricity-founder-Dale-Vince-has-criticised-the-expansion-of-Heathrow-Airport-Ben-WhitleyPA.jpg\")
Dale Vince called on ministers to shake up the broken energy market(Image: PA Wire)<\/p>\n