Power

Britain forecasts energy to rise

In Britain, Prime Minister Boris Johnson and government members held talks with energy companies. Agreements were sought after the growing pressure to help people to overcome the constant increase in gas and electricity prices.

Johnson, who is about to finish his term in office, along with Treasury chief Nadhim Zahawi and Kwasi Kwarteng, Secretary for Business and Energy, led the meatings. They met with Scottish Power, EDF, Centrica, and other energy firms. Statements made later by Johnson assert that “significant tax decisions” will be left to his successor. He also assures that the talks they had will not give relief to the British.

The government “will continue to urge the electricity industry to find ways to ease cost-of-living pressures and to invest more and more quickly in Britain’s energy security,” says Johnson.

It added that it continues to assess the extraordinary gains of certain parts of the electricity generation sector and the appropriate and corresponding measures to be taken.

Meanwhile, tariffs continue to rise worldwide due to the conflict in Ukraine and the reduction in oil and gas supply. However, in Great Britain, taxes are set at a price ceiling set by the authorities and linked to wholesale prices.

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This has meant that in households, the average bill has increased by more than 50% this year. And the problem continues to advance, so they expect a new increase in October.

“This is not up to energy retailers,” Dale Vale, founder of energy firm Ecotricity, told Shy News. “The problem is the crazy gas price in global commodity markets.”

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