The UK is racing towards a winter energy crisis
In today's WIRED Daily, we examine why the UK is racing towards a winter energy crisis and explain why the pandemic showed we need a Green New Deal.
Winter is coming – and it looks like it's going to be a rocky one. The price of natural gas in the UK has increased more than 420 per cent year on year. In mainland Europe, prices are tracking a similarly sharp trajectory. And a perfect combination of other factors – including environmental conditions and unpredictable accidents – is putting the industry under further strain.
These price fluctuations have a knock-on effect: the price of electricity – often generated from gas – is spiking, while household suppliers are hitting the wall as catastrophically high wholesale prices make their businesses uneconomical. Seven UK supply firms have gone out of business so far this year. Bills for end users are forecast to rise 20 per cent, according to Citigroup.
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