Friends of the Earth have revealed how badly different areas in England and Wales will be affected by the October cap rise Greg Jackson, founder of Octopus Energy has said if the price of beer kept up with gas inflation, it would cost £25 for a pint. It also comes as research by Friends of the Earth, mapped the areas in the UK that will face the worst financial hardship as a result of unaffordable energy costs. However No10 told the BBC there is no reason to panic and households do not have to cut back on their energy use. His comments came as the National Grid prepared to hold an exercise to test the resilience of the UK's systems in the event of a gas supply emergency.Įxperts have also warned of a 'security of supply issue' in the energy sector as almost 40% of the UK's electricity was generated last year by gas. Today, EDF's boss warned that families face a 'dramatic and catastrophic' winter if the government does not provide help now as he said half of UK households could be in fuel poverty in January as a result of rocketing energy prices. On Monday, energy consultancy firm Cornwall Insight said gas and electricity bills said they expect bills to hit £5,300 in April price.
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This made inflation fueled by Covid financial packages even worse, and has left one bank warning that the UK could face inflation of up to 18% by the start of next year.Īuxilion said that it believes the price cap, which will be announced for October on Friday, will be £3,576 from October, hitting £5,066 in January and then £6,552 in April. Though the UK does not depend on Putin's gas exports, and gets most of its supply form Norway, the squeeze on supplies to continental Europe sent the global price of gas soaring to £250 per megawatt hour on Monday.īritish households are already reeling from the surge in gas prices that followed Russia's invasion of Ukraine.