The implications of the skyrocketing gas prices for companies as well as households have been stark, but the end of the energy crisis cannot yet be seen.
Speaking at Energy UK‘s Annual Conference, Ofgem’s Chief Executive Officer Jonathan Brearley said the rise in gas prices is unprecedented in scale, duration and pace: “Prices are six times higher than a year ago and have more than doubled in the last month.
“Yesterday was a remarkable day with prices rising to nearly ten times the level of last year before falling back.
“It is hard to predict how long gas prices will stay high, but we do expect continued significant upward pressure on prices as a result.”
Mr Brearley said already this year the UK has seen 12 companies exit the market causing change and disruption for more than two million customers: “Given the continued volatility in the market, it is likely that more suppliers will exit the market and I appreciate the difficulties for those working in those companies and for their customers.”