UK regulator warns of 42% rise in electricity bills

According to the HEAD of the British regulator in the field of energy, by October, the increase in energy prices for British consumers could rise by 42%,due to which about 12 million households will face "fuel poverty"

By October 2022, about 12 million households in the UK may face so-called fuel poverty (when energy costs exceed 10% of disposable income) due to rising electricity prices. This was stated by the head of the British energy regulator Ofgem, Jonathan Brearley, reports BLOOMBERG.

Brearley estimates that UK electricity prices could rise another 42% by October. “The price changes that we see in the gas market really happen once in a generation, not seen since the oil crisis of the 1970s,” Ofgem said.

In addition, Brearley called the government's announced £9bn ($11.3bn) energy bailout insufficient, as food and gasoline prices are also at record levels, he said.

He also said he would soon inform British Treasurer Rishi Sunak of his intention to raise gas and electricity price ceilings from £1,971 to £2,800 (from $2,467 to $3,505).

Supplier warns of 'fuel poverty' for some Britons The Economy

In early April, the British took to the protests due to rising energy prices. Then the authorities increased the price threshold for gas and electricity by more than half. Protests took place in London near Downing Street and in other cities.

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As The Guardian pointed out, the rise in prices is associated with the ongoing impact of the CORONAVIRUS pandemic on energy production, as well as military actions in Ukraine, due to which some countries, including the UK, restrict the import of Russian oil and gas.

British BP, in particular, after the start of the Russian military operation, announced the sale of a stake in Rosneft and the cessation of purchases of oil and gas from RUSSIA. The British-Dutch Shell also announced the refusal of Russian oil.

Electricity and gas prices in the kingdom are rising amid record inflation: according to the National Statistical Service, the consumer price index in April rose by a record 7.8% since the early 1990s.