- A new survey has revealed that several parents have reduced the consumption and quality of food due to high energy prices.
- Energy bills are set to increase from October when the new energy price cap comes into effect.
Electricity bills are soaring and are set to rise again when the new energy price cap comes into effect from October. At present, the average energy bill for a UK household has been capped at £1,971 per year. This is set to increase to about £2,500 annually after the new energy price cap.
As a result of the rising prices, people have been cutting down on costs to save energy. According to a new study, parents are cutting down on food consumption and eating cold meals to save energy.
A YouGov poll commissioned by the National Energy Action and Food Foundation concluded that about 25% of parents with at least one child under 18 years have cut down on how much food they buy to afford other essentials. Besides, 28% of parents have reduced the food quality they purchase.
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The survey polled 4,280 adults and also found that over one in 10 parents said they have either eaten cold meals or the ones that didn't need to be cooked so that they can save money on energy.
Meanwhile, the National Energy Action has said that the rising prices will put more people in fuel poverty, rising from 4.5 million last October to 6.7 million this year.
Kalkine Media® explores a few stocks that investors can look at in the wake of this information.
Centrica Plc (LON: CNA)
The owner of British Gas supplies gas and electricity to retail and corporate customers in the UK. It currently holds a market cap of £4,266.48 million and is a constituent of the blue-chip FTSE 100. On Friday, the CNA stock was trading 1.00% higher at GBX 72.94 at 10:27 am GMT+1.
SSE Plc (LON: SSE)
The multinational energy company generates and transmits electricity. It also produces, stores, and supplies gas. The FTSE 100 constituent holds a market cap of £16,435.66 million. The share value has depreciated by more than 3% over the past 12 months, while the year-to-date return is -5.20%. Shares of the company were trading at GBX 1,546.00, up 2.15% as of 10:31 am GMT+1 on Friday.
National Grid Plc (LON: NG.)
Another FTSE 100 constituent engaged in providing electricity and gas services is National Grid, which boasts a market cap of £34,309.64 million. Shares of the company traded at GBX 951.80, up 1.54% as of 10:38 am GMT+1 on Friday. The stock price has appreciated by 6.63% in the past year. However, it has fallen by over 10% on a year-t0-date basis. Its EPS stands at 0.65.
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