Britain faces 80 percent increases in household energy bills

Photo by Alaur Rahman on Pexels.com

Today’s New York Times reports that British energy regulator, Ofgem, is forecasting an 80% increase in household electricity and natural gas bills next year. A typical household would see its bills rise to £3,549 ($4,188) from £1,971 ($2,326). This comes on the heels of a 54% increase last April. According to the New York Times, the “main component in Ofgem’s calculations was a more than doubling of wholesale electricity and natural gas costs.” The United States has been somewhat sheltered from the effects of the war in Ukraine on world energy markets. But this story raises the question; “How would we handle such drastic increases?”