Energy bills to stay high for foreseeable future, warns energy company boss
Energy bills are likely to stay high for the foreseeable future, according to the boss of the company that owns British Gas.
"I think the first act of the crisis is over," he said. "I think what we've got to remember is the energy prices had more than doubled before Russia invaded Ukraine. Meanwhile, Cornwall Insight, a consultancy firm, estimates that changes in the price cap - which limits what companies can charge per unit of gas and electricity - will take energy bills for a typical consumer to £1,871 per year from October.What is the energy cap and what's happening to bills?
"But when we had trouble between the Wagner group and the Russian military last week we saw energy prices go up by about 20%. Chinese economic activity at the moment is relatively low. If that starts to pick up we'll see more demand for gas in the form of LNG [Liquified Natural Gas], then we'll see European gas prices go up so there could be more volatility to come."The UK has some of the lowest gas storage levels in Europe.
In contrast, Germany has reserves of 90 days, France has 103 days and the Netherlands has 123 days' worth of gas.
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