Households facing winter energy bills rise as UK gas prices hit four-year high
Households face higher winter bills as wholesale gas hits a December 2022 high and analysts warn the cap could rise another 13% in January.
- Ofgem's energy price cap will rise by 4% starting October 1, increasing annual costs to £1,723 for approximately 22 million households on standard tariffs. This marks the second increase in Great Britain within three months.
- UK natural gas prices reached around 195p per therm on Wednesday, the highest level since December 2022, as global markets reacted to attacks on Iranian oil tankers that pushed Brent crude above 100 dollars a barrel.
- Oxford Economics chief UK economist Andrew Goodwin warned rising wholesale gas costs offset government VAT savings. Forecasters predict the price cap could rise another 9% in January, elevating annual costs to around £1,872.
- Consumers can mitigate rising costs through fixed-rate contracts offering savings exceeding £100 annually. Additionally, the warm home discount scheme will reopen in October, providing a one-off £150 electricity bill reduction for eligible households.
- End Fuel Poverty Coalition coordinator Simon Francis urged the Government to provide targeted support and "back the long-term energy efficiency measures that can protect the public from future market volatility" amid ongoing global instability.
12 Articles
12 Articles
UK gas prices hit 4 year high in fresh market surges
The UK wholesale price of gas has hit a fresh high last seen in December 2022 as heating oil prices also surge on the markets. As of 1300 on 9 September, the wholesale cost of fossil gas was approaching 200p/therm as Qatar implements a suspension of LNG shipments and European storage sites sit below the … Continue reading "UK gas prices hit 4 year high in fresh market surges"
Gas prices surge to four-year high as Middle East conflict deepens energy shock - London Business News
European gas prices have climbed to their highest level in almost four years as the escalating conflict between the US and Iran threatens to disrupt energy supplies and push inflation… The post Gas prices surge to four-year high as Middle East conflict deepens energy shock appeared first on London Business News
The price of natural gas in Europe exceeded 78.9 euros per megawatt hour on Wednesday, registering an increase of 4.1%. This is the fourth consecutive session in which prices have strengthened, and are now at their highest level since December 2022. The new rise is attributed to ongoing war developments in the Middle East, which are intensifying concerns about possible new disruptions to energy supplies. Oil prices were also seen, which reached …
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