AUS
NZ
UK
CA
USA
IND
.jpg)
.jpg)
_05_16_2023_17_11_27_393572.jpg)
Highlights
- ON UK’s CEO Michael Lewis has said that energy prices would be very high in the country over the next 18 months.
- Ofgem raised the household energy price cap by 54% in April due to surging wholesale prices.
- The average energy bills are expected to reach £3,000 when the price cap will be raised again in October.
Inflation levels in the UK are hitting the roof and households are struggling with the soaring energy bills. The CEO of the British energy supplier E.ON UK, Michael Lewis, said the energy prices would be very high in the country over the next 18 months, and has urged the Boris Johnson Government to intervene in the ongoing crisis and reduce the skyrocketing energy bills. Amid the spiralling cost-of-living crisis in the country, rising energy costs are the biggest contributor towards the squeezing household budgets.
© 2022 Kalkine Media®
With energy prices rising across the globe, Ofgem raised the household energy price cap by 54% in April due to surging wholesale prices. When the price cap is lifted again in October, the average energy bills are expected to reach £3,000. Reportedly, Lewis has claimed that one in every eight households would face troubles in paying their energy bills in autumn.
He added that around 40% of the households would be trapped in fuel poverty, with over 10% of their total disposable incomes being channelised towards paying off fuel bills.
The escalation of the Russia-Ukraine crisis has further worsened the inflationary situation by raising price of electricity generation. As energy bills are rising significantly, Labour has been calling out the UK Government for levying a windfall tax on the oil and gas companies which have made tremendous profits from North-Sea drilling amid rising prices.
In this current turmoil, UK investors may keep an eye on the stocks of energy utility companies, which may provide them with decent returns in the long run. Let’s look at the share price performance 3 such LSE-listed companies.
RELATED READ: BP., SHEL, HBR: Oil giants say no to windfall tax, should you buy these stocks?
- National Grid plc (LON: NG.)
National Grid plc is focused on the transmission and distribution of electricity and gas across the UK. National Grid plc’s shares were up by 0.54% as the market opened at around 8:00 AM (GMT+1) on 23 May 2022, at GBX 1,217.00. The FTSE 100 company has provided its shareholders with a return of 28.04% over the last one year as of 23 May 2022. National Grid’s current market cap stands at £44,142.10 million.
© 2022 Kalkine Media®
- SSE plc (LON: SSE)
SSE plc is a prominent energy firm generating and supplying electricity across the UK and Ireland. SSE plc’s shares were up by 0.55% as the market opened at around 8:00 AM (GMT+1) on 23 May 2022, at GBX 1,923.00. The FTSE 100 company has provided its shareholders with a return of 24.47% over the last one year as of 23 May 2022. SSE’s current market cap stands at £20,419.22 million.
RELATED READ: Retail sales are up, should you buy these FTSE stocks: TSCO, SBRY, PFD?
- Centrica plc (LON: CNA)
Centrica plc is an electric services firm operating across the UK and Ireland. Centrica plc’s shares were down by 0.45% as the market opened at around 8:00 AM (GMT+1) on 23 May 2022, at GBX 87.78. The FTSE 250 company has provided its shareholders with a return of 67.96% over the last one year as of 23 May 2022. Centrica’s current market cap stands at £5,209.19 million.
