UK energy import costs have doubled

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In total, the United Kingdom paid £117 billion (132 billion francs) – or about £4,200 per household – for oil, gas, electricity and other energy sources from abroad, the Offshore Energies UK (OEUK) association said on Wednesday. Of that, £63bn was owed for crude oil, petrol, diesel and other oil-based fuels and £49bn for gas. In 2021, Britain paid a total of £54 billion for energy from abroad.

The weak British economy and the pound’s poor exchange rate also contributed to rising costs, the report said. This is how oil is traded in US dollars. Imports from Norway alone have more than tripled to £41 billion since 2019. Almost a third of British gas imports come from the Scandinavian country.

The full OEUK Outlook will be released on March 28. In it, the union will warn of persistently high energy bills from abroad. The industry is particularly critical of the excess profit tax for oil and gas companies.

The UK has been a net importer of energy since 2004. Dependence on other countries threatens the supply.

Energy costs in the UK, like almost anywhere else in the world, have skyrocketed since the start of Russia’s war of aggression against Ukraine. In a short period of time, regulator Ofgem has more than doubled the maximum unit price that utilities are allowed to charge for gas and electricity. The government has been supporting consumers with state aid for months. (SDA)

Source: Blick