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Why are gas prices so high and what is happening to fuel bills? | Why are gas prices so high and what is happening to fuel bills? |
(about 16 hours later) | |
It's thought the government will offer financial help to companies threatened by soaring energy prices. | |
Fuel bills are also rising for millions of households - with further "significant" increases expected next year. | Fuel bills are also rising for millions of households - with further "significant" increases expected next year. |
What support could the government offer? | |
The government could provide loans worth hundreds of millions of pounds, with the Treasury said to be considering the proposals. | |
Business Secretary Kwasi Kwarteng has been meeting representatives of firms which rely heavily on energy - like those producing steel, ceramics or paper. | |
Business leaders have warned that without help some firms could be forced to close because of the steep rise in prices. | |
Dr Richard Leese, chair of the Energy Intensive Users Group (EIUG) told the BBC that firms had put forward "practical and sensible" measures which would not put any burden on taxpayers. | |
The steel industry is particularly vulnerable to energy prices | |
How are energy prices affecting business? | |
Many companies face a considerable rise in their bills. That could mean they have to: | |
reduce or pause production - or even cease trading - which could cause job losses | |
pass their increased costs on to customers as higher prices | |
Energy-intensive industries are particularly exposed, but every company that has to pay energy bills - even if it's just to heat an office or shop - will be affected. | |
Why are gas prices so high? | Why are gas prices so high? |
There's been a worldwide squeeze on gas and energy supplies. | 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 | 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 - especially China - for liquefied natural gas. | There's been increased demand from Asia - especially China - for liquefied natural gas. |
This has helped push up wholesale gas prices across the world. Since January, they've risen 250%. | This has helped push up wholesale gas prices across the world. Since January, they've risen 250%. |
Is the UK headed for a gas shortage this winter? | Is the UK headed for a gas shortage this winter? |
What's happening to household gas bills? | What's happening to household gas bills? |
About 15 million households have seen their energy bills rise by 12% since the beginning of the month. | About 15 million households have seen their energy bills rise by 12% since the beginning of the month. |
This is because the energy price cap has risen. This sets the maximum price suppliers in England, Wales and Scotland can charge domestic customers on a standard - or default - tariff. | This is because the energy price cap has risen. This sets the maximum price suppliers in England, Wales and Scotland can charge domestic customers on a standard - or default - tariff. |
Energy regulator, Ofgem said the cap will go up again in April, the next time it is reviewed. | Energy regulator, Ofgem said the cap will go up again in April, the next time it is reviewed. |
In Northern Ireland, there is a separate energy market with two suppliers. Prices also rise this month - by 21.8% (SSE) and 35% (Firmus). | In Northern Ireland, there is a separate energy market with two suppliers. Prices also rise this month - by 21.8% (SSE) and 35% (Firmus). |
Can I get a cheaper deal or fixed tariff? | Can I get a cheaper deal or fixed tariff? |
Usually, consumers are encouraged to shop around when energy bills rise. | Usually, consumers are encouraged to shop around when energy bills rise. |
But at the moment better offers - including fixed deals - are simply not available. | But at the moment better offers - including fixed deals - are simply not available. |
People already on fixed deals are advised to stay put. | People already on fixed deals are advised to stay put. |
Firms warn of price rises as energy bills soar | Firms warn of price rises as energy bills soar |
Gas prices: 'I'm just watching the meter go up' | Gas prices: 'I'm just watching the meter go up' |
How can I save money on my bills? | How can I save money on my bills? |
Instead of searching for a cheaper deal, householders are being encouraged to improve the energy efficiency of their homes. | Instead of searching for a cheaper deal, householders are being encouraged to improve the energy efficiency of their homes. |
The Energy Saving Trust says that changes to our homes and habits could offset the current price rises. | The Energy Saving Trust says that changes to our homes and habits could offset the current price rises. |
Which suppliers are going bust? | Which suppliers are going bust? |
Since wholesale gas prices started to spike, a number of retail energy suppliers have collapsed. | Since wholesale gas prices started to spike, a number of retail energy suppliers have collapsed. |
They have been unable to pay higher prices for gas, or pass all of the increased costs on to customers. | They have been unable to pay higher prices for gas, or pass all of the increased costs on to customers. |
Enstroga, Igloo Energy and Symbio Energy were the latest energy suppliers to stop trading. | Enstroga, Igloo Energy and Symbio Energy were the latest energy suppliers to stop trading. |
What can I do if my energy supplier goes bust? | What can I do if my energy supplier goes bust? |
Gas prices: 'I'm just watching the meter go up' | Gas prices: 'I'm just watching the meter go up' |
Food firms face huge price rise for carbon dioxide | Food firms face huge price rise for carbon dioxide |
About 1.7 million customers have been affected. | About 1.7 million customers have been affected. |
Why is the UK affected particularly badly? | 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: | 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 | 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 | 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. | A recent fire at a National Grid site in Kent closed a power cable supplying electricity from France. |
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