Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Ultra-high energy bills are here to stay

by August 2, 2022
August 2, 2022
Ultra-high energy bills are here to stay

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.

Read more:
Ultra-high energy bills are here to stay

0
FacebookTwitterGoogle +Pinterest
previous post
DP Trading Room: End of the Bear Market?
next post
BP reports huge profits as energy bills soar

You may also like

Energy prices predicted to fall by 16% in...

January 22, 2024

Mastering business growth with three founders

October 5, 2023

Centrica CEO’s Salary Soars by Nearly £4m Despite...

March 27, 2024

Trump announces UK-US trade deal on VE Day...

May 8, 2025

Mike Ashley’s Frasers Group buys significant stakes in...

June 20, 2023

Unions demand flexible working for civil servants

July 29, 2024

Boost Your Business Growth: A Comprehensive Guide on...

June 23, 2023

The Soundproofing Revolution in the U.K. Construction and...

October 10, 2023

Global economy faces bleak outlook as World Bank...

June 11, 2025

What Benefits are Available with Cross-Platform Gaming for...

October 23, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Republican senator teams up with Democrat to push $15 per hour minimum wage plus annual inflation increases

      June 11, 2025
    • House of Lords AI summit at London Tech Week warns of ‘skills cliff edge’ threatening UK’s competitive future

      June 11, 2025
    • Tariff tensions force Spain’s food giants to seek markets beyond the US

      June 11, 2025
    • Sizewell C secures £14.2bn state boost – but energy savings won’t come for a decade

      June 11, 2025
    • Michelle Mone-linked PPE firm faces £122m high court battle with government

      June 11, 2025
    • Entrepreneur turned away from London Tech Week for bringing baby sparks industry backlash

      June 11, 2025

    Categories

    • Business (8,183)
    • Investing (2,027)
    • Politics (15,592)
    • Stocks (3,141)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.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.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved