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Gas prices: Why are they so high and what is the energy price cap? | |
(about 2 months later) | |
Householders face a rise in energy bills, as well as the possibility their supplier could go bust. | |
This is due to a massive rise in the price energy suppliers pay for gas. | |
Why are gas prices so high? | |
There's been a worldwide squeeze on gas and energy supplies. | |
A cold winter in Europe last year put pressure on supplies and, as a result, stored gas levels are much lower than normal | |
There's been increased demand from Asia (which also suffered a cold winter) for liquefied natural gas. | |
This has helped push up gas prices in the UK, Europe and Asia. Since January, they've risen 250%. Prices have soared 70% from August alone. | |
In the UK, most big domestic suppliers buy gas months in advance - so they have yet to pass on the price rises of the past few months. | |
Many customers are also on fixed tariffs so, until the tariffs run out, bills won't go up. | |
What is the energy price cap and how is it going up? | |
The energy price cap is a backstop introduced in January 2019 and set by the regulator Ofgem under government policy. | |
It sets the maximum price suppliers in England, Wales and Scotland can charge customers on a standard - or default - tariff. | |
A higher cap is due to come into force from 1 October, with about 15 million households facing a 12% rise in energy bills. | |
Those on standard tariffs, with typical household levels of energy use, could see an increase of £139 - from £1,138 to £1,277 a year | |
Households with larger than average energy use will pay more than £1,277 a year | |
People with pre-payment meters could see an increase of £153 - from £1,156 to £1,309 | |
Households on fixed tariffs will be unaffected, but those coming to the end of a contract probably won't be able to find a cheap deal to replace it | |
Because energy firms are now scarcely making a profit on gas, it's likely the energy "cap" will rise again in April. | |
In Northern Ireland, there is a separate energy market with two suppliers. | |
Prices will also rise next month by 21.8% (SSE) and 35% (Firmus). | |
What can I do if my energy supplier goes bust? | |
Is the UK headed for a gas shortage this winter? | |
Why is the UK affected particularly badly? | |
Gas prices are rising all across Europe, but there are extra reasons why the UK is hard hit: | |
The UK is one of Europe's biggest users of natural gas - 85% of homes use gas central heating, and it also generates a third of the country's electricity | |
Supplies of renewable energy are down because it's been the least windy summer since 1961 - over the last week, wind provided just 9% of power for England, Wales and Scotland | |
A recent fire at a National Grid site in Kent closed a power cable supplying electricity from France. | |
Which energy suppliers have gone bust so far? | |
Since wholesale gas prices started to spike, a number of firms have collapsed due to financial pressure. | |
They have been unable to pay higher wholesale prices or get customers on fixed tariffs to share the burden by increasing bills. | |
Hub, Money Plus, Utility Point, People's Energy, PFP, Green and Avro have been forced out of business. | |
Two energy firms fail amid warning more to come | |
Energy bills may rise as firms fail, warns regulator | |
Food firms face huge price rise for carbon dioxide | |
Nearly 1.5 million customers have been affected. | |
At the beginning of 2021 there were 70 UK energy suppliers. Now, there are just over 30. | |
Industry sources have said there may be as few as 10 left by the end of the year. | |
Gas prices: 'I'm just watching the meter go up' | |
How have you been affected by issues raised in this article? You can share your experience by emailing haveyoursay@bbc.co.uk. | |
Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: | |
WhatsApp: +44 7756 165803 | |
Tweet: @BBC_HaveYourSay | |
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