Leaders from across the energy sector praised measures outlined in the Queen’s Speech to accelerate renewables and net zero efforts, but decried a lack of efficiency measures and short-term support for consumers.
UK energy crisis
The Government plans to continue capping household energy bills even after 2023 when current legislation is set to run out.
The Government must take urgent action and help the poorest households months before energy bills will rise again ahead of the winter months, the boss of a major energy company has said.
Boris Johnson urged the oil majors BP and Shell to invest “massively” in renewables to shore up the UK’s energy security, as soaring prices squeeze household budgets.
A full European embargo on Russian energy supplies will drive inflation in the U.K. even higher than the 40 year record that it is on track to reach, the Bank of England’s chief economist said.
The Prime Minister has defended imposing green levies on energy bills despite the cost-of-living crisis, claiming there is "a lot of prejudice" against the sustainable agenda.
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.
The decision by the UK energy regulator Ofgem to give themselves the ability to change the default energy price cap in the event of extraordinary circumstances raises questions about the future of the UK energy market and how effectively it works for smaller suppliers and customers.
Despite Aberdeen’s status as a global energy hub, household bills are subject to larger market forces, as Energy Voice explains.
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.
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.
The UK government is giving itself until April to find a solution to soaring gas prices since that’s when consumers would start feeling the bite of a new cap on utility bills.
BP sought repayment of a £53m debt after the energy retailer warned that rising gas prices would likely lead to losses.
UK energy regulator Ofgem is proposing new financing for power and gas suppliers taking on clients from failed rivals in a bid to soften the blow of rising bills for millions of British households.
The recent spectacular increase in the UK wholesale natural gas price from less than 50 pence per therm in April 2021 to a peak of nearly 300 pence in October came as a complete surprise to everyone, including market traders engaged daily in buying and selling the commodity.
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.
Pressure is growing on the UK energy regulator to account for its role in allowing a landslide of energy suppliers to go out of business, at a cost to consumers.
As the number of failed British electricity suppliers continues to rise, two of the world’s largest oil and gas giants are feeling the ripple effect.
The dramatic exit from the UK gas market of a middleman that supplies the fuel to utilities is already reverberating through the industry.
A renewables chief has blamed the current energy crisis on the UK’s reliance on gas, arguing its left consumers “exposed” to market fluctuations.