The arrival of colder weather at the start of the winter has begun to bite in the gas market. After a lull in October, the industry-wide cost of the commodity in November has picked up sharply, although it remains significantly lower year-on-year and well below the peaks seen at the height of supply worries over the war in Ukraine, which was reached when summer was in full swing.
Regulator Ofgem today revealed an increase in the energy price cap to £4279 for the first three months of 2023. The annual figure based on an average dual fuel household paying by direct debit is up from £3549 currently, but consumers won’t have to pay the new level because of the Government’s Energy Price Guarantee. Wholesale costs now account for £3177 of a typical bill, up 28%.
In London, UK-focused stocks were higher today after sterling’s recent improvement against the US dollar continued.
