The UK has spent more than £50 billion extra on gas since Russia’s invasion of Ukraine, a new analysis suggests.
Wholesale gas prices exploded after the invasion and have been in a volatile state ever since, with many British households now burdened with much higher bills. The analysis, carried out by the Energy and Climate Intelligence Unit (ECIU), estimates that the UK paid between £50-60 billion more for wholesale gas in 2022 than in a typical pre-pandemic year.
British households have been hit harder by the current crisis than in any other western European country, according to the IMF, because of the UK’s dependence on imported gas. Gas is used to produce around 40% of the country’s electricity as well as to heat 85% of British homes, which are among the least energy efficient in Europe.
