Iran war impact to hit UK household energy bills for the first time
A typical UK household is forecast to pay about £200 more a year as the Iran war feeds through to energy markets, the BBC reports. It would be the first time the conflict directly hits household bills.
A UK household using a typical amount of gas and electricity is forecast to pay about £200 more a year, the BBC reports. The estimate marks the first time the Iran war's impact on global energy prices would directly reach household bills.
The conflict has pushed up wholesale energy costs through uncertainty over the Strait of Hormuz and swings in oil and gas prices. Those costs feed into household bills via the regulated price cap.
Consumer groups warn that higher bills will add to pressure on household budgets. The government and regulator Ofgem are assessing how the cap will be set. Future levels will depend on how energy markets develop.
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