- British households paid an extra £7.2 billion on energy bills in the last two years.
- The UK and Italy paid the highest gas spot prices during high gas price volatility.
The way gas prices still determine electricity prices has pushed British households to pay an extra £7.2 billion on energy bills in the last two years.
That’s according to a new report by the independent financial think tank Carbon Tracker Initiative which suggests Europe’s most gas-power-dependent countries, the UK and Italy, paid the highest gas spot prices during the period of high gas price volatility.
Analysts say the rise in British energy bills reflects the existing link between soaring gas and electricity prices.
Currently, in Britain, electricity prices are still dictated by gas producers who provide less than half of the UK’s electricity.