Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Politics News

Ultra-high energy bills are here to stay

by
August 2, 2022
in Politics News
0
Ultra-high energy bills are here to stay
0
SHARES
9
VIEWS
Share on FacebookShare on Twitter

Household energy bills will remain historically elevated into 2024, revealed Cornwall Insight, meaning the cost of living crisis will not be easing for Brits any time soon.

The energy specialist warned in its latest gloomy analysis on the price cap that a typical household’s energy bill will be well over £3,000 per year for at least the next 18 months.

This will peak in second quarter of next year, when prices for the default tariff are expected to average £3,729 per year – which will barely ease over next summer.

The painful longevity of high household energy bills, which spiked to a record £1,971 per year this April, has been powered by booming post-pandemic demand and continued wholesale market volatility following Russia’s invasion of Ukraine.

There are now extensive concerns over Russian gas supplies ahead of winter, with the Kremlin-backed gas giant Gazprom severely cutting flows into Europe in recent weeks amid a dispute over a turbine for a key pipeline.

The troubled continent relies on Russia for around 40 per cent of its imports, and the European Union (EU) is scrambling to secure alternative supplies and cut usage to reduce the possibility of blackouts and supply shortages.

While the UK only relies on Russia for four per cent of its gas supplies, markets are global and the domestic benchmark is volatile to instability in Europe.

The UK is connected to European supplies via interconnectors, and its primary vendors such as Norway are also looking to help the EU meet its energy needs.

Energy giants are making vast profits from soaring oil and gas profits, with BP the latest to unveil bumper second quarter earnings.

Rivals such as Shell and Equinor, alongside Stateside operators such ExxonMobil and Chevron have also reported massive profits.


ShareTweetPin

Related Posts

Usain Bolt moves to trademark signature victory pose
Politics News

Usain Bolt moves to trademark signature victory pose

August 23, 2022
London to get new airport as Manston is cleared for take-off
Politics News

London to get new airport as Manston is cleared for take-off

August 23, 2022
Over 1,000 regional businesses are fending off cyber-attacks with police-led cyber resilience
Politics News

Over 1,000 regional businesses are fending off cyber-attacks with police-led cyber resilience

August 23, 2022
British Airways to cancel further flights up to the end of October
Politics News

British Airways to cancel further flights up to the end of October

August 23, 2022
Microsoft in trademark row with UK children’s reading firm Word Windows
Politics News

Microsoft in trademark row with UK children’s reading firm Word Windows

August 23, 2022
Crypto fraud revenues drop 65% following market meltdown
Politics News

Crypto fraud revenues drop 65% following market meltdown

August 23, 2022
Next Post
Thousands of UK businesses could face ‘significant delays’ in customs system shift

Thousands of UK businesses could face ‘significant delays’ in customs system shift

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Actress Julianne Moore to head Venice Film Festival jury

Actress Julianne Moore to head Venice Film Festival jury

July 18, 2022
Stripe and LinkedIn founders back $158m entrepreneur fund

Stripe and LinkedIn founders back $158m entrepreneur fund

June 29, 2022
Access to Banaue road sections still limited after mudslide

Access to Banaue road sections still limited after mudslide

July 10, 2022
Petrochemical firms seen at risk without import duties

Petrochemical firms seen at risk without import duties

June 5, 2022
Court upholds charges vs agent for hiding wealth

Court upholds charges vs agent for hiding wealth

June 5, 2022
Rural crime wave forces farmers to paint their flocks

Rural crime wave forces farmers to paint their flocks

August 4, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.