UK Energy Execs Tell MPs That "Fuel Poverty" Will Crush Households Into Debt [zero hedge]
E.ON SE S/ADR (EONGY)
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Source: zero hedge
UK Energy Execs Tell MPs That "Fuel Poverty" Will Crush Households Into Debt Living standards in Britain continue a death spiral as a large number of customers will go into debt due to soaring power bills, according to Bloomberg . European electric utility executives told MPs on the business, energy, and industrial strategy select committee in parliament that emerging signs show an alarming number of customers have trouble paying their power bills. European electric utility E.ON SE's chief executive officer Michael Lewis told lawmakers that customer borrowings would increase by 50%. "We are expecting a severe impact on customers' ability to pay. "That will see a significantly larger number of people moving into fuel poverty ... and a consequent significant increase in bad debt. "Government action won't be nearly enough to mitigate the full impact of the price increase," Lewis said. Keith Anderson, CEO of Scottish Power Ltd, told a similar warning to the parliamentary panel: "Come Octo
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