Wholesale gas prices have continued to rocket. In the last year, they've quadrupled.
Gas prices have risen for several reasons, including:
- A rise in global demand for gas as countries emerge from lockdown
- Restricted gas imports from countries like Russia
- An expectation in autumn 2021 that it would be a very cold winter which drove prices up further
UK electricity prices are also under pressure for several reasons, including:
- Lower wind levels
- Wholesale electricity prices are linked to gas prices – so when one goes up, so does the other – even if it's zero carbon electricity