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Mass Panic Caused Surrounding Energy Prices

Moneymagpie Team 10th Jan 2022 2 Comments

Reading Time: 2 minutes

Analysis of Google search data reveals that searches for ‘energy bill help’ exploded 681% in the UK on the 7th January, one day after MoneySavingExpert’s Martin Lewis warned on ITV that gas prices would “explode 50% in April this year, adding a further £600 to soaring energy bills”.

Where is this mass fear coming from?

A new finding by energy experts Boiler Central reveals that online interest for ‘energy bill help’ skyrocketed to nearly seven times the average volume in one day, an unprecedented spike in people searching for help with their energy bills, according to Google search data analysis.

paying bills

paying bills

Household gas bills rose by 28.1% and electricity bills 18.8% in 2021 according to the ONS, and 30 energy suppliers went bust last year due to exploding wholesale gas prices. Data from Boiler Central also reveals that searches related to cheaper heating alternatives such as “cheapest portable heater to run” exploded 2,038% on 7th January.

The addition of the Green Tax has also something Martin has highlighted, something which we will take a far more in depth look at on the site this week.

heating prices

What We Say…

MoneyMagpie’s Jasmine Birtles reminds us that things are on the horizon to help and comments: “I do think that energy prices will rise but it’s really not helpful for them to be described as catastrophic. People are already worried and afraid about a whole load of things and it doesn’t help anyone to pile on the fear. Many things can happen in the short and long-term to alter prices. For example, it’s possible that an agreement will be made between Russia and the EU which will increase the gas supply to Europe including the UK. All sorts of things are possible so no one should use this as an opportunity to score PR points by using emotive language”.

“However, people in the UK should brace themselves for higher prices this year and possibly next, until our government, and those abroad, work out ways to produce and distribute more energy. We need to get serious about cutting down our energy use, making our homes more draft-proof and more insulated if possible, using low-energy products and going back to old-fashioned ways of living such as wearing more clothes indoors in order to reduce the heating.”

Seeing this mass panic is something that should be avoided, and whilst being aware of energy saving alternatives we will report on any changes to this over the coming weeks.

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2 years ago

Martin Lewis’s advice is always worth checking out.

Dennis Hatch
Dennis Hatch
2 years ago

I am afraid its the media scare mongering once again

Jasmine Birtles

Your money-making expert. Financial journalist, TV and radio personality.

Jasmine Birtles

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