- UK wholesale natural gas prices reached a three-year high of over 158p per therm due to Middle East conflict and low European storage levels.
- Although prices have risen, they remain substantially lower than the peak of over 600p per therm recorded in 2022.
- The price surge will not affect the upcoming October to December price cap, but is expected to push up household energy bills from January.
- Energy experts warned that the UK remains vulnerable to global geopolitical volatility due to its ongoing dependence on gas for heating.
- Economists suggested that renewed energy price inflation could lead the Bank of England to keep interest rates on hold.
IN FULL
