British consumers could struggle to pay for higher gas prices

British consumers could struggle to pay for higher gas prices

This may include advertisement from us and 3 rd parties based on our understanding. The energy crisis unfolding across the UK has already sent several suppliers under, and the situation is likely to get worse before it gets better this winter. British consumers are facing higher costs to heat their homes and businesses may struggle to pay for the higher costs of running a business in what is expected to be a difficult winter for Brits.

In the last year, wholesale gas prices soared more than 900 percent, with benchmark costs increasing to highs of 407 p a therm on Wednesday. The Pure Planet and Colorado Energy, who both serve 235,000 and 15,000 customers respectively, were the latest to collapse on Wednesday this week. In total, about a dozen UK suppliers went bust and customers are forecast to see well over 100 added to bills. And the situation is expected to get worse. Frank Wessely, an insolvency and restructuring expert and director of the Quantuma consulting firm, said there are a number of factors that will have a bearing on how high prices will go - and how long they will be raised for. Energy crisis: Damning graph shows bills to rise by 60 percent; reading list starts rising.

December's power supply blamed on green madness blamed the gods He told uk The Government is hoping that we are in for a milder than normal winter, in which case the reduced consumer demand for energy would lower levels of gas consumption. If demand is high then we are likely to have sustained higher prices, given that the UK is a big importer of gas and our storage facilities are much less than many other European countries. This makes us more prone to price fluctuations. While Russia is not a major supplier to the UK, there are concerns that supplies are being restricted to Russia and the EU although this is being denied to Britain in Moscow. With the price of petroleum futures on the increase the clear expectation is that volatility and higher prices will last well into 2022. 5,000 up for grabs to improve your home and lower your bills EXPLAINER Thousands at risk as anOTHER energy firm goes under REPORT Fury at Macron's 'inexplicable' French energy crisis INSIGHT The Government is reportedly placing its hopes on winter 2021-2022 being a mild enough one for the UK to manage - but naturally, it is difficult to forecast whether this will actually be the case. Business Secretary Kwasi Kwarteng shared a weather briefing from the Met Office with energy bosses that said that for the unlikely winter period from January to February 2022, the most likely scenario is for an unsettled period of wet, windy and mild spells. However, a Met Office spokesperson said: It is not a forecast. It is used by people who understand risk. The whole field of experimental weather forecasting is pretty experimental, as far as meteorological organisations go.