Rolling coverage of the latest economic and financial news, with Ofgem due to report how high energy bills would be without current government support
Soaring energy prices have been a painful blow to many millions of households and businesses, but a boon for energy producers.
And it means the boss of BP, Bernard Looney, is in line for a bonus worth over £11m.
BP is set for a clash with investors after it emerged that its chief executive could be in line for a special bonus of up to £11.4m. The payment, in shares, would be on top of his £1.38m salary and annual bonus for 2022.
Strong growth in BP’s share price means Bernard Looney is set for a multimillion-pound payout from a three-year share award plan set up in 2020, when countries around the world were in lockdown and the company was cutting jobs amid a global collapse in demand for oil.
Charity National Energy Action said the changes would mean the number of households in fuel poverty rising from 6.7m to 8.7m.
Fuel poverty is classed as when households have to spend at least 10% of their income on energy.
