The Energy and Climate Intelligence Unit (ECIU) reports that the UK’s gas bill has surpassed £100bn since the onset of the gas crisis, marking a significant financial burden exacerbated by the anniversary of the Russian invasion of Ukraine.
Analysis reveals an additional £75 billion spent on gas over the last two-and-a-half years due to soaring prices, underscoring concerns about energy affordability and reliance on volatile international markets.
Jess Ralston, Energy Analyst from the ECIU, said: “Despite 1,000 Terawatt hours of gas coming out of the North Sea since the crisis began, household bills still shot up. Prices are set internationally so more drilling won’t protect homes from high bills next time an international crisis comes along.
“What would have helped is more British renewable energy and insulating homes. A lack of investment over the past decade and recent government U-turns on policies such as warm home standards for landlords is leaving households vulnerable to volatile prices with 13% of homes now in fuel poverty.”
A Department for Energy Security and Net Zero spokesperson told Energy Live News: “After Putin’s illegal invasion of Ukraine, we took swift action to ban Russian oil and gas and protect families by paying half a household’s typical energy bill last winter with a £40 billion subsidy – the largest of its kind in UK history.
“We continue to support families with their bills through our £1 billion home insulation scheme to improve energy efficiency and increasing heat pump grants by 50% to £7,500 – making it one of the most generous schemes of its kind in Europe.
“We are also taking long term decisions to bring down consumer bills, having already built the five largest offshore wind projects in the world and launched the biggest revival of nuclear power in 70 years.”
Make sure you check out the latest Net Hero Podcast episode:
Net zero is a way to cut your costs and help the planet, so what’s stopping you? Often, it’s just the right help and advice. That’s what we will provide at the Big Zero Show this July. Workshops, expert speakers, case studies and exhibitions. Plus, networking with 1500 peers and potential customers. Register for free now.
