British Gas has shared an energy update for customers explaining how UK energy prices may change and how households can reduce their bills immediately
British Gas has issued a crucial update for customers concerning their bills. The energy supplier has outlined how UK households might be impacted by market fluctuations in a YouTube video.
The head of pricing at British Gas addressed customer queries in the post, which carried the title: “Iran war and UK energy prices – current impact and what it means for energy bills.” In the description, British Gas stated: “Find out how the Iran war is affecting UK energy bills, what changes to tariffs and prices could mean for your household, and practical steps to stay in control.”
In the ‘energy update’, the British Gas representative tackled questions regarding potential price increases and whether the UK confronts a gas shortage, reports the Mirror. Addressing the ‘energy crisis’, the pricing specialist said: “Hi, I’m Simon, head of pricing at British Gas. Today, I’m going to be answering customer questions about the energy market.”
Simon explained: “Are energy prices going up because of global events? Your prices will remain the same until the end of June. We may see prices rise on the first of July as events in the Middle East are causing rises in global energy markets, which is where energy companies buy their gas and electricity. Wholesale prices makeup roughly half your bill. So, spikes in the market can have impacts on the prices you pay.”
For the second question, he was asked: “Is the UK at risk of running out of gas?” Simon replied: “No, this isn’t something to worry about. The UK has a wide range of supply sources, including North Sea production, renewables, and imports of liquefied natural gas.”, reports Mirror.
“We secure reliable gas from a number of sources, so there’s plenty available when it is needed. Our rough storage facility, the UK’s largest, provides 50% of the UK’s gas storage. We’ve also secured long-term international supply agreements, so there is gas for years to come.”
The following question enquired whether renewables or nuclear were the solution to long-term price stability. “Renewables and nuclear both play an important part in the UK’s energy mix,” Simon said. “They also help reduce our reliance on volatile global energy markets.
“We’re investing for the long term. This includes supporting existing nuclear power stations and investing in new ones. For example, Sizewell C nuclear power station.”
Simon was also questioned about tariffs. The enquiry stated: “Should I switch to a fixed tariff?” He responded: “Fixing can save you money if energy prices rise and give you certainty of what you’ll be paying over the next year. On the other hand, a tracker tariff can be cheaper if prices fall. There’s often no right answer. It all depends on how much certainty you want.”
Finally, a customer enquiry asked: “How can I reduce my energy bills immediately?” The expert said: “There are all sorts of ways to save energy around the home, from choosing shorter cycles on appliances to turning off electronics at the mains when you’re not using them.
“We have a lot of advice here and on the website to help people save. And if you’re with British Gas, you can sign up for PeakSave for half-price electricity on Sundays. There are also some bigger ways to save energy, such as getting smart controls for your heating, buying energy-efficient appliances, or buying solar panels for your home.”
Offering additional guidance on its website, British Gas stated: “We know the energy market feels uncertain right now, but we’ll keep you updated as things unfold. Rest assured your rates are protected for the current price cap period (1 April – 30 June). And that we have lots of help and support available for customers who need it.”