Britain To See 80% Increase In Household Energy Bills

The Associated Press reports:

U.K. residents will see an 80% increase in their annual household energy bills, the country’s energy regulator announced Friday, following a record 54% spike in April. That will bring costs for the average customer from 1,971 pounds ($2,332) a year to 3,549 pounds.

The latest price cap — the maximum amount that gas suppliers can charge customers per unit of energy — will take effect Oct. 1, just as the cold months set in. And bills are expected to rise again in January to 4,000 pounds.

To blame for the increase is the soaring price of wholesale natural gas triggered by Russia’s war in Ukraine, which is driving up consumer prices and roiling economies across Europe that rely on the fuel for heating homes and generating electricity.

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Britain to see 80% spike in energy bills as crisis deepens (from @AP) https://t.co/KDAVLaFBqm

— Zeke Miller (@ZekeJMiller) August 26, 2022