Oil, gas companies win as energy bills skyrocket

Your annual power invoice may upward push via some other US$1,011 in October, in keeping with UK electrical energy and fuel marketplace regulator Ofgem, which is about to boost the cap on power costs – the utmost that power providers can rate consumers on a default tariff – within the autumn.

The cap was once already raised via $876 remaining month, bringing the typical annual invoice to $2,493. October’s hike may see family power expenses achieve $3,542 for the yr.

Why are power costs going up and up? According to Sara Walker, a professor of power at Newcastle University, the solution is modest: “Gas is almost four times more expensive than this time last year.”

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