Energy Prices Surge 15% As Soon As Next Month : YorServ Solutions, Harrogate, Yorkshire
Britons face energy price rises as soon as next month, rather than in the autumn as originally expected. With wholesale gas prices going up because of unrest in the Middle East, as well as nuclear crisis in Japan, costs are expected to increase by 15%.
Experts initially said this would come into effect later this year, but have now warned that it is likely to be much sooner.
A surge in demand from China and India has put extra pressure on oil and gas supplies, which led to prices soaring even further. The wholesale gas price for the next 2 years has hit 70p per therm, a 56% rise on last year – according to energy analysts ICIS Heren.
Expensive Energy
The spot price, or what it would cost to buy tomorrow, is 56p per therm, up 75% on 12 months ago. This has already led to all the Big Six Suppliers scrapping their cheapest deals and replacing them with more expensive tariffs.
The average annual energy bill, for both gas and electricity, is £1,150. A 15% rise would add £172.50, taking the average yearly bill to £1,322.50. Suppliers will probably implement part of the rise next month and the rest in the autumn.
The news comes as fuel is also at a record high. Yesterday, petrol cost £136.18p per litre, whilst diesel was £142.27p. Fuel is expected to continue rising by a penny per litre each week.
All the Big Six Suppliers have already increased prices during the past 6 months, by an average of 5.9%. Gas bills have increased by 91% since 2003!
“Rumours are rife in the energy industry that there may be more price rises for consumers and businesses as early as May”.
Wholesale Energy Price Rises
Wholesale prices continue to rise because of world events, and many investors are not happy with some energy company profitability levels and want prices to go up even more. A major price movement of approximately 15% is expected in August to November, but suppliers are thought to be considering smaller price adjustments before then.
Mr Todd of Energy Helpline says “customers wanting to switch energy should do so as soon as possible, to not miss out on the best deals”.
Some experts have warned that price rises could eventually be higher than predicted.
At YorServ Solutions Ltd, we offer a FREE truly independent advice service about your energy requirements. For an informal chat, call our team today on 0845 094 6172 or email us info@yorservsolutions.co.uk
YorServ Solutions Ltd
Address: 23 Westville Oval, Harrogate, North Yorkshire, HG1 3JN
Tel: 08450946172
Website: www.yorservsolutions.co.uk
Twitter: @yorservsolution
Post By: YorServ Solutions Ltd
Post Date: 27/4/11
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