After months of volatility and concern, it was revealed that energy costs for the average household in the UK will increase by £693 this year.
A steep rise, it came as wholesale gas prices jumped to about 300 per cent higher than at the beginning of 2021. These are historically high levels, never reached before in the UK.
And like so many issues facing society at the beginning of 2022, the influence of Covid is never far away. For although household energy bills include taxes and green levies, a major reason for the recent upward trajectory of gas prices is to do with changes in supply and demand.
Put simply, lockdowns and social restrictions over the last two years, when so many industries and events were forced to grind to a halt, led to a decrease in demand for energy. And as demand fell, so did supply.Read More…
Source : PTI
