Why are energy bills higher in the UK than the rest of Europe? And what can be done about it?
Most of Europe has been brutally winded by the energy shortage currently plaguing the continent.
Gas prices
Mind the cap
Record-breaking commodity prices resulting in sky-high gas and electricity prices have prompted calls for fundamental market reform. The European Union (EU) announced in September 2022 that it is looking to impose historic interventions in the energy market to rein in soaring commodity prices, including considering a levy on excess profits and potential gas price caps.
UK Gov working to ‘break link’ between renewables and gas prices
Work is ongoing to “break the link” between the cost of gas and electricity prices in the UK, the prime minister has confirmed.
US natural gas surges to 13-year high on global supply crunch
US natural gas prices surged to a 13-year high as robust demand tests drillers’ ability to expand supplies.
GMB calls on government to ring-fence ‘fair share’ of UK gas supplies for domestic users
The GMB union has called for a share of North Sea gas production to be reserved for UK households and energy-intensive industries in a bid to tackle spiralling costs.
North Sea windfall tax could ‘heap supply crisis on top of price crisis’
The UK’s leading oil and gas trade body has warned a windfall tax on the North Sea could cause “irreparable damage” to the industry.
Watch: New North Sea licences ‘not a reasonable response’ to surging prices, MPs told
MPs have been told that offering new oil and gas licences in the UK North Sea “is not a reasonable response” to the price crisis being triggered by the invasion of Ukraine.
Matheson: Surging gas prices brings Scottish offshore wind imperative
Surging gas prices throws into “sharp relief” the need to ramp up Scottish offshore wind and hydrogen, the energy minister will say later.
European gas prices surge after Russia attacks Ukraine targets
European natural gas prices soared after Russian forces attacked targets across Ukraine in an effort to demilitarize the country. The West vowed further sanctions.
Update: Energy prices surge on Ukraine with oil closing In on $100
Energy prices surged after Russian President Vladimir Putin signed an order to send what he called “peacekeeping forces” to the two breakaway areas of Ukraine that he officially recognized on Monday.
Cost of living crisis: Former oil and gas worker forced to go without food
A former oil and gas worker says soaring energy bills and the cost of living crisis means he has to go without food and showers just to get by.
Jeremy Cresswell: Shocking fragility of the UK’s energy system
Far from having an energy production, supply and distribution machine that is robust and flexible as claimed, the UK’s is in a mess.
Energy companies defend net zero after report of UK wavering over gas prices
Companies are defending Britain’s net-zero plans as the best way to resolve the energy crisis in the long term, after a report that close advisers to the prime minister are warning that a rethink of the policy is needed.
UK energy prices to jump 54% as cost-of-living crisis deepens
UK domestic energy bills will jump 54% from April, dealing a dramatic blow to households already suffering a cost-of-living squeeze that’s only set to get worse.
US natural gas abruptly surges in record short squeeze
US natural gas futures suddenly spiked the most on record Thursday afternoon, a dramatic move that signaled bearish wagers being squeezed out of the market.
UK energy ‘vulnerable’ to price shock from Russia-Ukraine tensions: OGUK
UK energy prices will be “vulnerable” to the impacts of Russia’s threatened invasion of Ukraine, trade body Oil and Gas UK (OGUK) has warned.
Eat ginger to save on heating? SSE Energy Services sorry for advice
UK supplier SSE Energy Services has been forced to apologize after suggesting customers to save on heating this winter by eating ginger or having a hula-hoop contest.
OGUK calculates £3bn ‘bonanza’ for UK Treasury from surging gas prices
UK oil and gas companies will contribute billions more to the country’s coffers whether a windfall tax is introduced or not.
Labour joins calls for North Sea ‘windfall tax’
Labour has joined calls to impose a one-off ‘windfall tax’ on North Sea oil and gas companies to fund measures to ease household energy bills.
We don’t want a bailout says boss behind British Gas
The boss of the UK’s biggest energy supplier has said it does not want a bailout from the Government as households prepare for a 50% spike in their bills.
Energy consumers in north Scotland urged ‘don’t panic’ as bills set to soar
Soaring gas prices caused the demise of a raft of energy suppliers in 2021 and will likely lead to a “crisis” rise in household bills next year, industry experts have warned.
European gas, power extend slump as LNG supplies promise relief
European natural gas prices fell for a fourth day as US supplies are expected to bring relief to the tight market and traders weighed both milder weather and risks to demand from the Omicron virus variant.
Green Investment Group chief queries moves to ‘increase dependence’ on gas
The surge in global gas prices should prompt countries to ramp up their clean energy options, according to Green Investment Group’s (GIG) global head.
Gas spikes yet again in European market dogged by supply worries
European gas surged to the highest level in a month, fueling wider inflation concerns, as delays to a controversial new pipeline from Russia stoked fears of a supply shortage this winter.
Nord Stream 2 delays send European natural gas price soaring
Russia’s controversial Nord Stream 2 pipeline faces another delay after Germany suspended a key step in the approval process, sending European gas prices surging as much as 12%.