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Energy prices might rise sharply this winter, IEA warns

by LLB Editor
3rd Jul 23 8:45 am

Energy prices could spike this winter, the head of the International Energy Agency has said, if China’s economy rebounds this year.

Fatih Birol told the BBC that consumers could be hit by soaring bills again this winter, explaining:

“In a scenario where the Chinese economy is very strong, buys a lot of energy from the markets, and we have a harsh winter, we may see strong upward pressure under natural gas prices, which in turn will put an extra burden on consumers,”
Birol also warned that blackouts were less likely, but not unlikely, so governments should continue to push energy-savings measures, and renewable energy technology.

On Saturday, the UK’s price cap on gas and electricity was lowered, meaning slightly lower bills for around 27 million households. However, households won’t feel much relief as some government’s energy support measures also ended in June.

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