With supply severely limited, the lack of supply increases prices. UK energy prices have continued to rise through the winter months. We explain the factors that are contributing to this.
There has been a concern over available supply in the coming winter months. Coupled with the weaker pound following Brexit, gas prices are increasing over the last few months. We explain how this affects prices.
So Hinkley Point C has been given the go-ahead at last. It will create more than 25,000 jobs and is expected to start generating electricity in 2025, supplying 7% of the UK’s electricity. But there has been a lot of talk about the cost to consumers.
With the debate hotting up, we look at how the cost of energy is viewed by both sides. There are two factors here, the cost of energy, and also the environmental impact.
We need companies to invest in the North Sea so we are not so reliant on importing our energy. In the past, a large percentage of UK gas came from the North Sea but recent years have seen reserves fall and a greater reliance on importing gas from Europe. This pushes up the price we pay for gas and electricity.
In the latest round of new fracking licences awarded to onshore gas and oil exploration in England, licences were awarded in 159 blocks to Aurora Energy, Cuadrilla, GDF Suez, Hutton Energy, Ineos, and UK Oil & Gas. What does this mean for the cost of energy in the UK?
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