Experts warn that UK households should prepare for increased energy costs this winter due to low natural gas storage levels across Europe. Wholesale gas prices have reached three-year highs, driven by geopolitical tensions and delayed stockpiling efforts. Analysts predict that prices could rise further, potentially impacting the energy price cap set by regulators.
The Department for Energy Security and Net Zero acknowledged the challenges posed by low storage levels but emphasized that gas prices are influenced by international markets. While there are hopes for a warmer winter to ease demand, the situation remains uncertain, with potential for further price increases as winter approaches.