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UK gas supplier: High energy prices could last for years

Wednesday, 01/12/2022 11:10 AM from

dpa-AFX

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The flag of Great Britain. pixabay.com

LONDON (dpa-AFX) – The largest British gas supplier assumes that the current rise in energy prices is not just a short-term burden. “The market suggests that gas prices will remain high for the next 18 months to two years,” said the head of British gas owner Centrica , Chris O’Shea, on Wednesday the BBC. There is no reason to assume that the trend will reverse anytime soon.

According to current industry estimates, UK households face more than 50 percent higher bills for electricity and gas than before. The rise in gas prices is mainly due to the high demand. After the corona lockdowns, the global economy picked up speed again. At the same time, many countries are relying on gas as a bridging technology on the way to renewable energies.

Like consumer advocates and the opposition, O’Shea suggested a countermeasure including temporarily suspending VAT on electricity and gas bills./swe/DP/mis

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