Wholesale gas prices hit mid-February high

Posted at October 14, 2023 » By : » Categories : News » Comments Off on Wholesale gas prices hit mid-February high

UK wholesale gas prices have recently reached their highest levels since mid-February, with prices peaking at nearly 135 pence per therm on a Friday afternoon.

This follows a previous surge to nearly 123p per therm earlier in the week, marking a six-month high not seen since early April.

The increase in gas prices raises concerns about its potential impact on household bills.

Electricity costs in the UK are closely tied to wholesale gas prices, and this surge may lead to higher energy bills for consumers.

Energy Analyst Jess Ralston from the Energy and Climate Intelligence Unit said: “This is a reminder that without the shift to renewables and electric heat pumps, the UK is increasingly at the mercy of this kind of gas price volatility.

“The North Sea won’t help us as the price of gas is largely set internationally and more drilling won’t bring down bills. Had the government’s home energy efficiency schemes not been in decline, more families would be insulated from high bills this winter, but instead many will be colder and poorer.”

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