UK moves to weaken link between electricity and gas prices

UK set out plans to try to ​weaken the link between its ‌cost of electricity and volatile gas prices on Tuesday, ​saying it would ​seek to force older renewable ⁠energy generators onto fixed ​contracts in a bid to ​bring down consumer bills.

The government said voluntary long-term fixed contracts ​would be offered to ​existing low-carbon generators not on fixed ‌prices ⁠so they were not being paid the price of gas. It said ​this would ​cover ⁠around a third of UK’s power supply.

It ​also said it ​would ⁠increase the Electricity Generator Levy by raising the ⁠rate ​from 45% to ​55%.