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UK’s National Grid launches 50 million pound energy support fund
Global Banking & Finance Review®
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By Nina Chestney
LONDON (Reuters) – Britain’s National Grid said on Tuesday it has launched a 50 million pound ($58 million) fund to provide financial relief for consumers struggling with rising energy costs for over the next two winters.
The fund will target charities which provide immediate, emergency financial support to households using pre-payment energy meters, charities which fund energy efficiency measures and charities which provide advisory services for households who need help with energy bills, payments and debt.
Many people in Britain are already struggling to weather a cost-of-living crisis, with rising energy bills piling on top of higher food prices and rising inflation.
As wholesale gas and power prices have soared over the past year, the knock-on effect on household and business’ retail bills has become more pronounced, plunging millions into fuel poverty.
“We’re under no illusions that this winter will be financially very, very hard for many people and we’re determined to play our part to help ease the financial burden that households will face,” said John Pettigrew, chief executive of National Grid.
The Fuel Bank Foundation, which gives emergency financial support to households with a prepayment meter who are at risk of living without power, will receive 10 million pounds from the fund.
Citizens Advice and Affordable Warmth Solutions, which provides new, free home insulation to households which do not qualify for government schemes, will also receive 10 million pounds each, National Grid said.
($1 = 0.8688 pounds)
(Reporting by Nina Chestney; Editing by Kirsten Donovan)
A pre-payment energy meter is a device that requires users to pay for their energy in advance, allowing them to manage their energy costs more effectively and avoid accumulating debt.
The cost-of-living crisis refers to a situation where the general cost of essential goods and services rises significantly, making it difficult for individuals and families to maintain their standard of living.
Energy efficiency involves using less energy to provide the same service or achieve the same outcome, which can help reduce energy bills and environmental impact.
A charitable fund is a financial resource set up to provide support to charitable organizations and initiatives, often aimed at addressing social issues or helping those in need.
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