Cost of residing might get pricier
The head of Octopus Energy has warned power costs might rise even additional within the winter.
Greg Jackson instructed LBC: “Global power costs is among the most risky markets and so it is a idiot who will make a powerful prediction.
“But what we do know is that the subsequent power value cap interval is being set by the costs we’re seeing now, as a result of there is a type of lag within the system.
“So until there is a very speedy fall within the world costs, power prices for folks within the UK will keep excessive over the winter. They might even be increased. We simply do not know.
“But in fact we’re now in a state of affairs the place there are two elements that actually make a distinction.
“First one is whether or not there are any extra strategic strikes associated to Russia, whether or not the fuel faucets get turned down or not. And the second is what the climate does.
“Essentially, what issues now could be Europe going to be filling its fuel storage as a result of we have delicate climate? Or is it going to be emptying it as a result of we have dangerous climate?
“So depending on the weather between now and the winter, there could be a very big difference in energy prices in the next few months.”