Energy prices in UK double that of EU

According to a recent report the cost of energy usage in the UK is around double that of the average cost in the EU. Energy bills have rocketed over the course of this year, leaving many consumers facing unmanageable bills, and adding to the level of fuel poverty throughout the UK, with many consumers looking for ways to cut back on their energy usage this winter in order to keep costs down.

In the past year gas and electricity prices have risen by close to 30 percent throughout eh UK, whereas in the EU the price rises have only equated to around 15 percent. Industry professionals and campaigners have said that consumers in the UK are being hit hard and fast compared to their European counterparts.

One official said: “The UK has a relatively free market, but the freedom to cut prices in the early years now seems to be the freedom to raise prices with impunity.” He added: “Of course, those least able to afford it suffer most. The suppliers must offer their most vulnerable customers social tariffs and reduce prices generally at the earliest opportunity.”

“What the OECD’s figures fail to demonstrate is that British customers have enjoyed historically very low prices compared to Europe and indeed the rest of the world. Primarily, this is due to us having our own vast reserves of natural gas in the North Sea and not being exposed to global prices in the same way as we are now. We are no longer an energy island. With increased demand from growing economies such as India and China, the prices we now pay for our energy are more vulnerable to fluctuations across the world.”