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Highlights
- Compared to April 2021, the electricity and gas bills went up by 54% in April 2022.
- The bills were set to surge even more until October when the UK government came out with its energy price guarantee.
- The price cap set by the government is expected to go up in May 2023 from £2,500 to about £3,000.
Millions of UK households have been hit by skyrocketing energy bills amid the spiralling cost of living crisis over the year. Compared to April 2021, the electricity and gas bills went up by 54% in April 2022 for out-of-contract consumers, reaching nearly £2,000 per year. The bills were set to surge even more until October when the UK government came out with its energy price guarantee. With the guarantee in place, the average energy bills of households are limited to nearly £2,500 per year.
©2022 Kalkine Media®
Energy prices have been rising post the easing of the economic restrictions as demand for energy spiked across sectors, putting extraordinary pressure on the suppliers. The Russia-Ukraine war led to a further rise in bills due to supply shortages. Energy bills have surged to record highs in 2022, and this trend is expected to continue into 2023. The price cap set by the government is expected to go up in May 2023 from £2,500 to about £3,000.
The situation would be aggravated next year as the £400 discount received by the majority of the energy consumers in the UK, which was in place since October 2022, would be terminated in March 2023. To cover this, energy suppliers have been cutting customers' monthly payments by £67. Although, the discount termination would take place along with the price cap hike in early 2023, which would mean that the energy bills of households would substantially surge from April.
Stepping into 2023, Kalkine Media® explores the performance of 3 energy stocks trading on the London Stock Exchange.
Energean plc (LON: ENOG)
The annual and YTD (year to date) returns of Energean plc, a leading hydrocarbon-producing business, stand at 48.84% and 50.06% as of 29 December. Meanwhile, the company's market cap stood at £2,314.53 million. ENOG shares were trading at GBX 1,283.00 on Thursday morning, dipping by 1.31% at around 8:40 AM (GMT). At the time of writing, the EPS (earning per share) of the FTSE250-listed company stood at -0.54.
EnQuest plc (LON: ENQ)
The annual and YTD returns of EnQuest plc, an independent group focused on petroleum production, stand at 15.55% and 13.94% as of 29 December. Meanwhile, the company's market cap stood at £411.13 million. ENQ shares were trading at GBX 21.80 on Thursday morning at around 8:40 AM (GMT). At the time of writing, the EPS of the company stood at 0.22.
Hunting plc (LON: HTG)
The annual and YTD returns of Hunting plc, a business offering clients with energy equipment and services, stand at 102.99% and 96.51% as of 29 December. Meanwhile, the company's market cap stood at £555.85 million. HTG shares were trading at GBX 332.00 on Thursday morning, plunging by 1.48% at around 8:40 AM (GMT). At the time of writing, the EPS of the company stood at -0.53.
