According to information obtained by News, the industry association EnergyUK and the Department for Energy Security and Net Zero (DESNZ) will jointly announce an industry-wide package of support in the next few days.
According to sources, Rachel Reeves may release it next week as part of her first budget.
They went on to say that the extra £500 million would include both repayable and non-repayable measures, like short-term consumer payment holidays.
According to them, the package would cover the time frame from this month to April of next year.
The declaration was made in part to diffuse the controversy around the chancellor’s decision to discontinue the universal Winter Fuel Payment for retirees, according to one insider.
It is not anticipated that the government or EnergyUK will break down the more than £500 million amount per supplier.
“We will do everything we can to help vulnerable families this winter,” a government spokesperson stated on Saturday. “This includes our efforts to increase Pension Credit, which has already seen a 152% increase in claims, and the £150 Warm Home Discount, which is anticipated to help three million eligible households.
