The UK faces a greater than normal risk of cold winter weather this year, according to meteorologists, which threatens to ignite greater demand for gas and keep gas market prices sky-high until 2023. Both meteorologists and energy market experts are predicting a grim season ahead for UK households, millions of which could lose their energy supplier as companies collapse under the pressure of rising gas prices. Gas market prices in the UK have quadrupled in the past year due to strong global demand. The hikes were compounded by a string of outages in the electricity system, including a fire at one of the UK’s main power import cables, which has increased its reliance on gas power plants. The market’s “forward” prices indicate that fuel prices are likely to remain at record levels through the colder months, bringing a winter of discontent for hard-pressed families.
Guardian 25th Sept 2021 read more »
Andrea Leadsom: I am not a fan of the energy price cap – not for reasons of ideology, but rather from a practical point of view, because it inevitably distorts the market so has unintended consequences. It was introduced for the best of reasons – to keep energy bills down for consumers and businesses. But it meant that in the I good times, when wholesale prices were low, energy bill charges were more than likely artificially high. Now that there is a spike in the gas price, many of those same companies who did well in the past will now be demanding a taxpayer bailout “to avoid the risk of disruption to supplies”.
Telegraph 25th Sept 2021 read more »
Forget the politics over petrol – it’s a nuclear strategy that we need. We are, for now, far too reliant on unpredictable wind and solar power, and on foreign electricity imported through connectors which can too easily break down. A real effort should now be made to create a reliable backbone of modern nuclear generation, which will not increase our carbon footprint but will help us to keep prices down and supplies steady. We have had a severe warning in recent weeks. We would be foolish not to heed it and act on it soon.
Daily Mail 25th Sept 2021 read more »