UK Energy Bills Could Rise £460 a Year in January, Martin Lewis Warns
Martin Lewis has warned that UK households face a steep energy bill increase as gas and oil prices climb. Forecasts from British Gas, EDF and E.ON suggest a typical household’s bill could rise by around £460 a year in January, amid supply pressures and winter demand.
Martin Lewis warned that UK household energy bills could rise by around £460 a year in January, as forecasts from British Gas, EDF and E.ON point to a sharp increase in costs.
The projected rise comes as oil and gas prices climb following the closure of the Strait of Hormuz after US and Israeli strikes on Iran in February.
Winter could push prices higher. Gas demand is rising as Europe’s winter gas storage levels sit at their lowest since records began in 2011.
The UK is especially exposed to changes in global energy markets because gas heats most homes and often sets the wholesale price of electricity.
Less than half of the UK’s gas now comes from its own North Sea fields. The country also imports nearly a quarter of its gas from the United States and relies on China for much of its clean-energy equipment.
The energy shock following Russia’s invasion of Ukraine cost households an extra £63bn, or around £2,200 each, according to the Energy and Climate Intelligence Unit and E3G.
Energy Secretary Miatta Fahnbulleh said affordability was her overriding priority amid the cost-of-living pressure. “With the cost of living biting, affordability is my overriding objective, without a doubt,” she said.
Fahnbulleh also argued that domestic clean energy could reduce the country’s exposure to global markets. “We are far too exposed to global markets we have no control over,” she said. “What’s the solution to that? Homegrown clean energy.”
The government approved the Jackdaw North Sea gas field last month, after blocking a proposed Chinese wind turbine factory at Whiteness Head in March on national security grounds.
