BP revenues rise, but Britons can pay $360 a month for electricity starting in January

HELL (HELL) invested $8.5 billion in benefit for the second quarter – more than three times what he did during the same period last year. The company also said it would increase dividends to shareholders by 10%. Shares pushed up on the London Stock Exchange.
Across the board, energy giants were making incredible profits: companies including shell (SHLKS) as well as Exxon (XOM) published strong results in recent weeks as global oil prices soared.

But those profits are under scrutiny from lawmakers and harsh criticism from consumers.

The combined impact of rising electricity bills and food prices has left millions of Britons worse off. cost of living crisis in decades. In March, the country’s Office of Fiscal Responsibility said living standards, as measured by household disposable income, suffered the biggest drop since registration began in 1956.
Now people in the United Kingdom fighting inflation at a 40-year high are likely to see energy bills increase this winter, according to a new study.

The average electricity bill is expected to rise 83% from current levels to £3,600 ($4,397) a year. January for millions of UK households, according to estimates from research firm Cornwall Insight released on Tuesday.

This is 7% higher than the previous estimate made in early July.

As a result, the firm expects the average family to spend more than £300 a month ($366) on electricity for their homes. And the pain will continue into the next year and beyond.

“It’s not just the level – but also the duration – of growth that makes these new projections so devastating,” Craig Lowry, principal consultant at Cornwall Insight, said in a press release.

“This level of electricity bills for households is currently showing no signs of decreasing in 2024,” he added.

Household electricity bills already up 54% this year as wholesale natural gas prices, exacerbated by Russia’s invasion of Ukraine in late February, soared to record levels.
Ofgem, the UK’s energy regulator, is set to raise its price ceiling in October, the maximum price suppliers can charge customers for a unit of energy. Many households already struggling with historically high inflationpreparing for a huge blow to their finances.

activists have been raising the alarm for several months now. The Child Poverty Action Group predicts that more than half of UK households – about 15 million – will be in “fuel poverty” by January, spending more than 10% of their total income on energy.

cost of living crisis

Mega profits spark calls for government increase the contingency tax to energy companies to ease household bills.
“The market is failing and millions of people will struggle to keep warm this winter,” said the Fuel Poverty Coalition. tweet Tuesday.
The campaign group said that the UK government and two candidates running for Boris Johnson’s seat as the next prime minister, “lunatics in [a] nightmare.”

Earlier this year, the UK government said it would introduce a 25% income tax on energy producers, expected to raise around £5bn ($6bn). The tax will help pay for a support package of around £15 billion ($18 billion), including a £400 ($488) grant for 29 million households from October.

But the grant will only ‘scratch the surface [the] problem,” Lowry said.

“Our new data shows that even increased support in October will not make much of a difference in what is likely to be an extended period of high electricity bills,” he said.

— CNN Business’ Julia Horowitz contributed her report.

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