UK’s bleak outlook on soaring energy bills only gets worse – .

UK’s bleak outlook on soaring energy bills only gets worse – .

UK households will pay much higher energy bills, which will rise not only because of high electricity and gas prices, but also because of the collapse of Bulb, the biggest victim of the energy crisis in to date, according to UK energy regulator Ofgem, as quoted by Bloomberg.

The energy crisis and soaring wholesale electricity and natural gas prices took its biggest casualty yet in the UK when Bulb, an electricity and gas supplier serving 1.7 million customers, said at the end of November that he would enter special administration.

The collapse of Bulb and more than 20 other energy providers in the UK since the summer will cost a UK household between $ 106 (80 pounds) and $ 113 (85 pounds) on top of their energy bills next year and in 2023, according to the regulator’s initial assessment of the cost of the crisis.

This crisis is not yet over, with the onset of winter threatening to put more suppliers into bankruptcy.

Two dozen UK electricity and gas providers have already left the retail energy market, and more are likely to do so. 20 more UK energy suppliers could go bankrupt in what looks like a ‘massacre’ in the coming months unless the government revises the energy price cap, Keith said last month Anderson, managing director of one of the largest suppliers, ScottishPower.

High energy prices pushed UK inflation to its highest level in 10 years in October. The Consumer Price Index (CPI) rose 4.2% in the 12 months ending October 2021, from 3.1% in September, the Office for National Statistics said. Energy is expected to fuel further price hikes next year when the energy regulator is expected to raise the price cap on energy bills.

Nearly half of Britons are more worried about soaring energy bills than the COVID pandemic and a potential new wave in the UK, a poll for MailOnline showed last month. As the colder temperatures of winter approach, a total of 49% of Britons polled said they were more concerned about high gas and electricity bills than COVID, according to the Redfield and Wilton survey Strategies for MailOnline.

By Charles Kennedy for Oil chauffage

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