Households warned gas price spike could pile fresh pressure on energy bills
European households are facing potential energy bill hikes this winter due to low gas storage levels and geopolitical tensions in the Middle East. Analysts warn that the closure of the Strait of Hormuz could keep energy prices elevated through 2027.
Why it matters
Rising energy costs directly impact inflation and the cost of living for millions of consumers and businesses across Europe and the UK.
Image source, Getty Images By Archie Mitchell Business reporter Published 34 minutes ago Households across the UK are being warned to brace for higher energy bills this winter as European countries scramble to replenish their natural gas stores before the weather dips.
Wholesale natural gas prices are already at three-year highs, which could lead to increased energy bills for businesses and consumers.
Europe, which delayed its summer stockpiling due to high wholesale costs sparked by the Iran war, had been gambling the conflict would end before winter and prices would in turn fall.
Storage levels are significantly lower than usual for this time of year, with countries facing the prospect of rushing to buy gas now or paying potentially higher prices when the winter comes.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in