Briton's energy bills to rise 80%. Wow, Putin is really feeling the pain?
The idea that the war is turning in Ukraine's favor is pretty ridiculous. Putin will turn up the pressure this winter as the Eurozone becomes more dependent on his energy for heating.
Household energy bills in Britain to soar 80 percent.
By Stanley Reed, NY Times
Reporting from London
Energy prices paid by most British households are set to rise 80 percent this fall, putting further pressure on consumers and stoking inflation.
On Friday, Ofgem, the government’s energy regulator, said the so-called cap on what a typical household would pay for electricity and natural gas over a year would rise to 3,549 pounds (about $4,200) from the current £1,971. Consumers and businesses in Britain and elsewhere across Europe are being hit with massive price increases for energy as the war in Ukraine stretches already tight markets for electricity and natural gas.
“This will be devastating for many families,” Jonathan Brearley, chief executive of the regulator, told the BBC. Looking into early next year, he said, “the difficult news I have to give today is that prices look like they are continuing to rise.”
The increase, which takes effect in October and covers about 24 million households, follows a 54 percent rise in April.
“The pressure on stretched households will only intensify, and the calls for support will get ever louder,” wrote Martin Young, a utility analyst at Investec, a financial services firm, in a recent note to clients. Mr. Young expects another jump, to £4,210, in January.