Brits' Energy Bills to Soar by Record 80% This Winter

Energy prices in Britain are set to triple for the average household this winter as anti-Russian sanctions and green energy scams begin to take their toll.

From Sky News:

Millions of households will see their energy bills rocket as the price cap is hiked to £3,549 ($4,170) a year, plunging many into financial hardship.

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The record 80% October increase, announced by the regulator Ofgem, will see a typical default tariff customer paying an extra £1,578 ($1,854), laying bare the deepening cost of living crisis.

The rise follows a 54% increase in April, which saw average bills surge to £1,971 ($2,315) a year.

“Energy prices across Europe have surged,” Bloomberg reports. “On Friday, European natural gas was headed for its biggest weekly gain in over two months, with prices rising for a sixth consecutive week as Moscow squeezes supplies. German benchmark power prices for next year rose above 800 euros ($800) per megawatt hour, nearly 10 times higher than the same period last year. French year-ahead power rose above 1,000 euros for the first time. UK day-ahead electricity is trading at 10 times its two-decade average.”