Wholesale prices for gas have surged 250% since January - what does this mean for suppliers and consumers?
. Prices typically rise in response to more demand for heating and people turning lights on earlier in winter. But prices have sky-rocketed due to low gas storage stocks, high European Union carbon prices, low liquefied natural gas tanker deliveries due to higher demand from Asia, less gas supply from Russia than usual, low renewable output and gas and nuclear maintenance outages.
Spain's cabinet has passed emergency measures to reduce energy bills by redirecting billions of euros in extraordinary profits from energy companies to consumers and capping increases in gas prices. The UK introduced a price cap on the most widely used energy tariffs in 2019. However, energy regulator Ofgem has raised the cap on the most widely used tariffs by 12-13% from October, after raising it in April due to high wholesale costs.
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