Experts predict a modest reduction in household energy bills by an average of 7% this July due to a decrease in the price cap, but significant challenges remain. Despite the drop, current prices are approximately 60% higher than pre-Ukraine invasion levels. High energy costs continue to affect households and manufacturers, leading to soaring debt and a substantial decline in industrial production, particularly in energy-intensive sectors. The ongoing reliance on gas for electricity generation exacerbates the situation, necessitating urgent actions to support economic stability.
The energy price cap is expected to fall to 1,720 a year for a typical dual-fuel household this summer, showing a minor decrease amidst ongoing challenges.
Britain's energy prices are among the highest globally, largely due to reliance on gas for electricity generation, resulting in severe household energy debt.
Official figures show that output from Britain's energy intensive industries has fallen by a third since 2021, reaching its lowest level since 1990.
Sky-high energy costs have gutted Britain's industrial base, with sectors like steel and chemicals seeing production collapse to unprecedented lows.
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