wholesale power prices

​Energy UK has called on Chancellor Rishi Sunak to provide additional support measures for consumers and the economy amid volatile energy prices.

​Pursuing heat pumps and energy efficiency measures would be faster route to get off of Russian gas than proposed expansion of drilling in the North Sea.

​Prime Minister Boris Johnson has announced that he will issue an energy strategy in the coming days in response to the volatility of gas and power prices seen following the Russian invasion of Ukraine.

​The cost of energy is extremely volatile currently due to Russia invading Ukraine, said Cornwall Insight.

The cost of energy supplier collapses over the last year has added £34.36 to domestic electricity bills for 2022-23, according to Cornwall Insight.

​As expected, the Capacity Market’s T-1 auction has entirely cleared in the first round at its highest ever price.

The Labour Party has once again called for a windfall tax on north sea oil and gas producers as Shell releases financial results for “momentous” 2021.

​As predicted, regulator Ofgem has raised the default tariff price cap by 54% hitting £1,971.

Volatility in the wholesale energy market is likely to last until at least 2030 unless significant changes are made to long-term energy strategies, according to Cornwall Insight.

​Ofgem will announce the highly anticipated new level of the price cap on 3 February at 11am.