Inflated Gas and Electricity Prices

Many people face higher fuel bills as European energy companies are relying on Britain for their cheap gas supply and are then selling it back at inflated prices.

The increased European demand has meant that wholesale prices for this summer will be 45% higher than they were at this time last year.

This is even more noticeable as summer is the time of year where we find that gas and electricity prices are cheaper due to our demand being a lot lower.

Experts in the gas and electricity industry believe that these inflated prices will be passed on to customers later in the year. This will mean that families will, yet again, see an increase in the cost of their gas and electricity bills, and since the 15% increase in January, this rise will no doubt bring more financial hardships for families.

It is believed by experts that continental firms are buying up reserves of cheap, excess gas from Britain in the summer and then are not selling enough back to us at these low prices when it is needed in the winter.

This never used to be a problem, as Britain was always self-sufficient in gas, however; with the North Sea reserves starting to dry up, we are now having to rely on imports in order to meet the demand.

The best thing for individual customers to do is to search the market and to compare gas prices to ensure that they are getting the lowest gas and electricity prices that are available, even with the inflated prices.