Energy bills in Britain are set to surge from Friday, after the country's energy regulator increased its price cap by a record-breaking 54%.
if Russia decides to shut off its supplies to the continent.
Putin issued a warning in recent days that if "unfriendly" countries refuse to make payments in rubles by Friday, their contracts for gas purchases would be halted — a move condemned by Germany, Europe's biggest consumer of Russian gas, as "political blackmail." While the price of natural gas has fallen drastically in Europe since earlier this month, prices remain inflated.IEA Executive Director Fatih Birol on global oil demand and what is behind the European energy crisisThe day-ahead price for natural gas on the U.K.'s National Balancing Point exchange reached £2.95 per therm on Friday, according to data from Reuters. A year ago, gas on the NBP traded at £0.50 per therm.
Meanwhile, the European day-ahead price on Friday was around 123 euros per megawatt-hour, according to Reuters — up from 19.2 euros a year earlier.Britain's energy price cap is set to be adjusted again in October. If wholesale energy prices remain elevated, the U.K.'s Office for Budget Responsibility has predicted that the energy price cap could rise by a further 40% in the fall. The OBR projected in an update earlier this month that it would push inflation to 8.7% and cut GDP growth.
"A £500 rise in the price cap to £2,500 on 1 October — less than the OBR forecast of a £830 rise, although this was made when gas prices were higher than they are now — would mean that almost a third of all families in England would fall into fuel stress — 7.5 million households in total," the Resolution Foundation said Friday.
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