- Bills caped at £2,500 for two years
- Fracking ban scrapped
- Starmer calls for more insulation and renewable investments
The energy price cap had been in the vicinity of £1,042 to £1,277 since it was introduced in 2019 - until April 2022 when it was hiked to its current level of £1,971.
So, the price threshold that is to be introduced in October is approximately double the historical level households and businesses are used to paying for energy.
This then poses the question, could the government have done more?
1.00pm: Theresa May agrees with Starmer on improving energy efficiency of homes
Former prime minister and Tory MP Theresa May wants the energy efficiency of homes to be improved, as it would reduce demand and help save the planet.
This suggestion was virtually identical to that of the Labour leader's earlier today.
12.52pm: Net energy exporter by 2040
Truss said the government will ensure the UK is a net energy exporter of energy by 2040 via the adoption of fracking, as well as expanding nuclear and renewable energy generation.
The Conservatives would "conduct a review to ensure we deliver net zero by 2050 in a way that is pro-business and pro-growth".
She also commented that action is currently being taken to slash the cost of energy in the long term.
A new Energy Supply Taskforce is negotiating with suppliers to agree long contracts that reduce the price they charge for energy, while similar talks with renewable producers will also be held.
12.42pm: More renewable investments needed - Starmer
Starmer thinks doubling down on fossil fuels is “ludicrous,” claiming boosting North Sea production will not increase supply in the short term or improve energy security.
The Labour leader thinks if every country chose to squeeze out every drop of non-renewables, it would be devastating for the climate and planet.
Wind and solar are now nine times cheaper than gas.
So we need a clean energy plan, urgently accelerating the rollout of offshore wind, onshore wind, solar, nuclear, hydrogen and tidal, he added.
12.36pm: Business bills capped for six months
Businesses will see their energy costs capped at the same price per unit that homes will pay, but just for six months.
This will be reviewed after three months and potentially extended for certain industries and the most vulnerable businesses.
12.30pm: Chancellor fracking and North Sea u-turn
Starmer has insisted fracking for shale gas will not cut bills but will instead exacerbate the climate crisis.
He also outlined some points chancellor Kwasi Kwarteng made a few months back on fracking and the North Sea.
Kwarteng claimed it would take around 10 years to get sufficient gas from fracking, indicating a u-turn in the chancellor's opinion, according to Starmer.
He also said that North Sea production would not impact wholesale prices and that UK production is not large enough to impact global prices.
12.25pm: Home insulation needed
The Labour leader believes the UK is in the middle of a national emergency and previous governments should have focused more on nuclear energy.
He added that homes need to be insulated better, with the UK having the draftiest homes in Europe.
Insulation rates are down 92%, which Starmer estimated to be costing homes approximately £1,000 a year.
12.16pm: Starmer accuses Tories of siding with suppliers instead of consumers
Labour leader Keir Starmer accused the Tories of being on the side of the supplier rather than the consumer, as they refused to issue a windfall tax on giant companies’ excessive profits.
“Working people are paying for the cost-of-living crisis,” Starmer insisted.
Truss being a former employee of Shell was brought to light, raising the question as to whether that can explain the lack of a windfall tax.
12.08pm: Fracking ban scrapped
Truss scrapped the ban on UK fracking, which came into effect in 2019.
She claimed we could have shale gas flowing in as soon as six months.
Nuclear energy will account for a quarter of the UK's electricity generation by 2050, she added.
The prime minister promised to end the UK's short-term approach to energy supply "once and for all."
12.01pm: £40bn package to stabilise wholesale energy market
These changes to policy are expected to curb inflation by five percentage points, the prime minister said in the Commons.
She confirmed a new scheme with the Bank of England, worth up to £40bn, to help firms in the wholesale energy market to stabilise it and decrease the likelihood that suppliers will need to be bailed out.
Chancellor Kwasi Kwarteng will outline the expected costs of the energy package in a statement later in September.
Truss blamed previous prime ministers for not focussing enough on securing energy supply, with no new nuclear reactors built in the UK in the last 25 years, for example.
11.55am: North Sea production and renewables to be ramped up
Schools, colleges and charities will also receive aid to alleviate the blow of higher bills.
Truss also revealed there will be more North Sea oil and gas production to ramp up supply, with over 100 new licences to be awarded.
She also vowed to speed up the deployment of clean and renewable energies in the coming years.
11.42am: Energy bills frozen at £2,500
Liz Truss, as expected, announced the energy price cap will be frozen at £2,500 for two years for households and small businesses.
This will save homes £1,000 per year, on top of the £400 support package offered to all 26mln households.