Long and cold winters could lead to higher gas prices for Britain

According to meteorologists, the United Kingdom is more vulnerable to the cold winter weather this year, which threatens to ignite high gas demand and significantly push up gas prices by 2023.

Both meteorologists and energy market experts predict a catastrophic future for UK households, with companies likely to lose millions of power suppliers as pressure mounts on rising gas prices.

Gas prices in the UK have quadrupled over the past year due to strong global demand. The walks included a series of interruptions in the electricity system, including a fire on one of Britain’s main power supply cables, which increased dependence on gas generators.

Market “Future” prices indicate that oil prices may remain on record during the colder months, bringing a satisfying winter for vulnerable families.

According to US forecasters, DTN’s earlier weather forecast for the UK and Northern Europe this winter will “send the Arctic air on the move”.

Although very recent for official forecasts, DTN said: “The cold winter is indeed the biggest threat to the UK.”

Experts fear that a long, cold winter could expose Britain to gas shortages and severe market shocks, as gas levels have plummeted in stores in neighboring European countries.

Investment giant HSBC analyst Kim Fuster has warned that European gas stores may fall below normal, especially in the cold winter. Gas prices are expected to remain exceptionally high this summer and are expected to remain high before 2023 next summer.

“The cold winter can push storage levels to dangerous low levels, causing price fluctuations and / or shortages in some countries,” he said. “Britain’s situation is more dangerous than its European neighbors because of its limited storage capacity.”

The UK has only enough gas reserves to meet winter demand for four to five days, and neighboring European countries typically have several weeks’ worth of gas.

The gas market has already shut down factories in northern England and disrupted the supply of carbon dioxide, which is essential for the food, beverage and meat industries.

Rising gas prices are expected to raise energy bills for millions of households starting in October, and further price increases are expected in April, which could lead to a total of 1 meter more households in the next summer.

The collapse of small suppliers who are struggling to meet the high demand for gas in groups can make vulnerable families lose payments from the ‘warm home’ discount program, which can make heating bills more affordable.

“Poor families are experiencing an unusually severe winter, energy bills are rising and 20 20 a week has been reduced to total credit,” said Jillian Cooper, head of energy at Citizens’ Counseling.

He added: “This is a particularly stressful time for successful suppliers.” “Many low-income people are at risk of losing 140 140m when they move to a new provider. Some debtors may see their agreed payment plans split.

Cooper called on them to ensure that no one loses access to this “essential financial support” when moving to a new provider.

“And suppliers need to make sure there are reasonable payment plans to stop people who are in debt to losing companies,” he said.

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