Energy bills could rise by hundreds of pounds next year, analysts have warned. Consumers should be prepared for further volatile gas prices and more suppliers collapsing, analysts from Cornwall Insight said. The firm predicted that the energy price cap will soar by £400 in the spring. Energy regulator Ofgem said the price cap “will ensure that consumers don’t pay more than is absolutely necessary this winter”. But if gas prices stay high, the price cap will rise, Ofgem said. Cornwall Insight forecasts that the energy price cap will rise to around £1,660 by next summer.
BBC 7th Oct 2021 read more »
UK households warned of further 30% rise in energy bills next year.
FT 6th Oct 2021 read more »
Brussels is powerless to prevent the gas price surge that is hitting consumers across Europe, the EU’s energy commissioner has admitted as she rebuffed demands from member states to act now. Kadri Simson told the Financial Times that Brussels had no powers to provide short-term solutions, but would encourage governments to offer “targeted” national support, including reducing energy taxes. It also shied away from promising radical regulatory changes in the bloc’s internal energy market, which some member states have blamed for exacerbating the crisis. “The reasons behind high world energy prices are not created here in Europe,” Simson said. “Several of our proposals will address long-term solutions,” she added, referring to options that include joint EU gas procurement and better storage facilities to act as a buffer against further supply shocks.
FT 7th Oct 2021 read more »
UK wholesale gas prices hit a record high before falling after Russia said it was boosting supplies to Europe. Russia President Vladimir Putin appeared to calm the market after gas prices had risen by 37% in 24 hours to trade at 400p per therm on Wednesday. UK gas was 60p per therm at the start of the year, but high global demand and reduced supply has driven prices up. The high cost of wholesale gas has seen several UK energy firms collapse and halted production across industries.
BBC 6th Oct 2021 read more »
Wholesale gas prices hit new all-time highs on Wednesday, prompting warnings that factories could be forced to shut down over winter or switch to more polluting fuels just as the UK hosts the Cop26 climate conference next month. The crisis has already forced a wave of collapses among energy suppliers that has led to warnings of “desperate choices” for households likely to face higher bills as a result. As power-hungry sectors such as steel, glass and chemicals fight their own battle with soaring gas and electricity costs, they warned of further shocks to both industry and consumers, including higher prices of goods and factories being forced to temporarily close.
Guardian 6th Oct 2021 read more »
Natural gas prices swung wildly on Wednesday as Vladimir Putin vowed to boost supplies to Europe in the face of unprecedented pressure on households and businesses. Month-ahead natural gas contracts surged 40pc on Wednesday morning, climbing above 400p a them for the first time in Britain, as politicians on the Continent pledged to take action to cushion the impact. They fell back below 300p after the Russian president said he would seek to solve the crisis by pumping more gas into the European Union.
Telegraph 6th Oct 2021 read more »
Gas prices in the UK reached a record high as the energy crisis deepened yesterday before falling back as President Putin suggested that Russia could boost supplies to Europe.
Times 7th Oct 2021 read more »