European natural gas prices spiked as Russia amped up its war rhetoric with President Vladimir Putin announcing a “partial mobilization” of the military beginning Wednesday amid accusations of Western “nuclear blackmail” and setbacks for Russian forces in northeast Ukraine. Benchmark Dutch TTF gas futures are trading at €206.935, which have risen more than 6.5 percent…
European Gas Prices Jump as Putin Vows Use of ‘All Available Means’ in Fight Over Ukraine
Climate Policies Adversely Impacting Energy Prices, Businesses Suffering Worldwide
September 13, 2022
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Business & Marketsclimate policyeconomic policiesenergyenergy pricesEuropeEuropean CommissioninflationInternationalWorld
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Climate policy—not climate change—has impacted thousands of businesses around the world, adversely affecting the livelihood of millions, which, according to multiple analysts, could result in an economic collapse that would dwarf the financial crisis of 2008–09. The energy crisis is a starting point of a global economic meltdown that has already begun in Europe, and…
UK’s Truss Freezes Energy Price in First Major Policy Intervention
The price of a typical British household’s energy bill will be capped at £2,500 a year for the next two years, UK Prime Minister Liz Truss announced on Thursday as part of a package to tackle the cost of living squeeze. It’s unclear how much the package will cost, but it was estimated to run between £100 billion…
Spiralling Energy Bills Risk Driving Tens of Thousands of UK Firms out of Business
Tens of thousands of businesses in the UK are at risk of failure owing to high energy prices, according to a consulting firm. Red Flag Alert, which self-describes itself as the UK’s “number one insolvency scorecard,” said tens of thousands of businesses may fail next year and those who survive will have to choose between paying…
UK Can’t ‘Tax Its Way to Growth,’ Says Truss as She Rejects Labour’s Call for Windfall Tax
New UK Prime Minister Liz Truss has rejected the idea of using a windfall tax on oil and gas giants to reduce energy bills for households, saying the country will not be able to “tax its way to growth.” At her first Prime Minister’s Questions in the House of Commons on Wednesday, Truss pledged to…
European Power Prices Tumble as EU Authorities Plan to Avert an Energy Crisis
September 1, 2022
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Business & Marketseconomic policieseconomyenergyenergy pricesEuropeEuropean CommissionGermanyinflationMarketsNatural gasrecessionWorld
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European benchmark energy prices have plunged by nearly half over the last three days, after news that European Union (EU) policymakers will intervene in an attempt to ease natural gas shortages. German 12-month energy futures on the European Energy Exchange fell as much as 54 percent from their peak at the beginning of the week, from €1,000…
UK Chancellor Zahawi Visits US to Seek Joint Solution to Cost-of-Living Crisis
August 30, 2022
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Boris JohnsonBusiness & Marketscost of livingeconomyenergyenergy pricesinflationliz trussNadhim Zahawi.Rishi SunakUKUSUS NewsWorld
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The UK’s Chancellor of the Exchequer Nadhim Zahawi is visiting the United States this week to seek joint solutions to the cost-of-living crisis with U.S. government officials and financial executives. During his trip to New York and Washington, Zahawi will push for cooperation on energy security, financial services, and tackling spiralling prices and slower growth,…
High Energy Bills ‘Really Hard’ for Middle-Income British Households: Chancellor
To offer targeted help through the welfare system will leave out middle-income households, who are also hit “really hard” by soaring energy bills, the UK’s finance minister said on Friday. Chancellor of the Exchequer Nadhim Zahawi said he’s working “flat out” to come up with options for the next prime minister, who is due to…
Electric Vehicle Owners to Be Hit Hard by Soaring Energy Prices: Report
Electric vehicle (EV) owners will be badly hit by a steep rise in energy prices, UK motoring group RAC has warned. Ofgem, the UK’s energy regulator, announced on Aug. 26 that the energy price cap for around 24 million households in England, Scotland, and Wales will rise by 80.06 percent on Oct. 1, sending the…
Energy Prices for British Households Will Rise by 80 Percent by October: Regulator
August 27, 2022
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Boris JohnsonBusiness & Marketseconomyenergyenergy pricesEuropeinflationliz trussNadhim Zahawi.OfgemRishi SunakRussia-Ukraine WarUKWorld
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British households will face an 80 percent rise in energy prices by October, the UK energy regulator Ofgem has warned. Ofgem announced on Aug. 26 that the energy price cap for around 24 million households in England, Scotland, and Wales will rise by 80.06 percent on Oct. 1, sending the average household’s yearly bill from…
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