23 August 2024
Summary: Reaction comes as regulator announcements a 10% increase in the energy price cap from October 2024
Following this morning’s announcement from Ofgem that the energy price cap will rise by 10% from £1,568 to £1,717 per year from October 2024, MTVH’s Chief Executive Geeta Nanda OBE has given her reaction to what we know will be concerning news for many people. Geeta said:
“The cost of living crisis is now a permanent fixture in the lives of millions of people across the UK.
A hike in energy bills this winter is deeply concerning for those struggling to make ends meet and to provide essentials for themselves and their families.
Our recently launch Molly Huggins Foundation and MTVH’s community impact teams stand ready to support residents who are in need and once again, play a leading role in ensuring they have the chance to live well.”
As our inaugural Community Impact Report shows, since 2020 over 782 MTVH households have switched to cheaper energy deals and thanks to MTVH’s Pocket Power advice – resulting in a total saving of £207,053. The report also shows:
· £50 spent on community investment for every one of our households
· £3m financial gains to residents through our advisory services
· £729,000 provided to tenants through our Tenant Welfare fund
· Delivered £97,000 of social value through supply chain partnerships
You can read the full report here: https://www.mtvh.co.uk/wp-content/uploads/2024/07/mtvh-community-impact-report-23-24.pdf