Households warned gas price spike could pile fresh pressure on energy bills
Experts warn low storage levels could push up gas prices further, leaving households with higher bills.
UK households are bracing for higher energy bills this winter as natural gas prices soar to three-year highs, prompting concerns over potential price increases. Europe's reduced stockpiles, due to geopolitical tensions, have led to a sharp spike in gas prices. The European benchmark gas price reached a record high of €75/MWh, while UK gas prices reached 185p per therm, the highest in three years.
Analysts predict wholesale gas prices will exceed €80 by year-end, driving up household energy bills. The UK government's proposed VAT reduction on energy bills and efforts to reduce reliance on natural gas may offer some relief, but the impact of weather patterns and the reopening of the Strait of Hormuz remain key factors.
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