#uk-energy-prices

#uk-energy-prices

Ken Murphy stated, 'In terms of tax pressures, industry and energy in particular, anything the government can do to help us to keep prices low for customers is welcome.' This highlights the urgent need for government intervention to support retailers.

Shipping costs have increased by more than 10 percent in the past month due to the US-Israel war on Iran. The 60-day waiver for the Jones Act aimed to lower energy costs but has had little impact on oil prices, which continue to rise amid the ongoing conflict.

Willie Walsh stated that an assessment from the International Energy Agency indicated that fuel for aircraft could start running out in Europe in six weeks' time, which he described as 'sobering'.

The Society of Motor Manufacturers and Traders is calling for UK-built vehicles, components and batteries to be granted equivalent status to EU-made products under the proposed 'Made in Europe' framework, arguing that the current draft risks undermining a deeply integrated cross-border industry.

In Europe, we have maybe six weeks or so (of) jet fuel left. If we are not able to open the Strait of Hormuz ... I can tell you soon we will hear the news that some of the flights from city A to city B might be canceled as a result of lack of jet fuel.

Octopus Energy reported that its heat pump orders more than doubled in March compared to February, while sales of solar power systems increased by almost 80%. This trend reflects a growing consumer shift towards renewable energy solutions.

The British Industrial Competitiveness Scheme (BICS) will be widened by 40 per cent, bringing an additional 3,000 firms under its umbrella. The scheme will exempt qualifying businesses from the indirect costs of three legacy green levies: the Renewables Obligation, Feed-in Tariffs and the Capacity Market.

Energy regulator Ofgem is forecast to cut the default tariff price cap by about £117 to roughly £1,641 per year for a typical dual-fuel household from 1 April. The change follows government policy announced by Chancellor Rachel Reeves, who said £150 would be removed from average household bills by abolishing the Energy Company Obligation (ECO) scheme introduced under the previous Conservative government.