AUS
NZ
UK
CA
USA
IND
Highlights
- Amid the spiralling cost-of-living crisis, Prince Charles assured millions of stressed UK households that the energy bills would be reduced.
- Under the UK’s new Energy Security Bill, the energy price cap would be stretched beyond 2023.
- Surging energy prices have been a major contributor to the skyrocketing inflation levels in the country.
Prince Charles delivered the Queen’s speech on 10 May (Tuesday) as the 96-year-old Queen Elizabeth II couldn’t do it due to mobility issues. The Queen’s speech is prepared by the UK Government, which covered all its major policy decisions to be pushed in the new parliamentary session. Amid the spiralling cost-of-living crisis, Prince Charles assured millions of stressed UK households that the energy bills would be reduced.
First introduced in 2019, the energy price cap was expected to stay till 2023. But in his speech, Prince Charles declared that the energy price cap would be stretched beyond 2023 to support the UK households who are struggling with surging energy bills. This move of extending the cap comes under the new Energy Security Bill proposed by the UK Government, which strives to make a clear path for the UK to achieve its ambitious Net Zero goals while maintaining the affordability of energy.
2022 Kalkine Media®
Protecting millions of consumers from high energy costs, the price cap is meant to act as a safety net, while the overall Energy Bill is meant to increase the usage of home-grown energy, lessen the reliance on fossil fuels, and move towards carbon neutrality for a sustainable future.
Surging energy prices have been a major contributor to the skyrocketing inflation levels in the country, which recently led to the Bank of England (BoE) raising the interest rates to a 13-year high of 1%. The BoE has warned that the economic growth will shrink during 2023, and thus the pressure is mounting on the Government to tackle the ongoing cost-of-living crisis.
Let’s look at 2 energy stocks that have been in the limelight recently due to the UK’s windfall tax row.
EnQuest PLC (LON: ENQ)
The shares of the UK-based firm which explores and produces petroleum, EnQuest PLC, were up by 0.31% at around 9:00 AM (GMT+1) on 11 May 2022, at GBX 32.85. The company has provided its shareholders with a significant return of 87.35% over the last one year as of 11 May 2022. The current market cap of the company stands at £617.64 million.
RELATED READ: FTSE 100 bounces back, windfall tax demand weighs down oil stocks
Energean plc (LON: ENOG)
The shares of the UK-based explorer and producer of hydrocarbons, Energean plc, were up by 0.62% at around 9:00 AM (GMT+1) on 11 May 2022, at GBX 1,301.00. The FTSE 250 company has provided its shareholders with a significant return of 49.97% over the last one year as of 11 May 2022. The current market cap of the company stands at £2,302.06 million.
2022 Kalkine Media®
Capital Limited (LON: CAPD)
The shares of the top provider of services to the exploration and mining sector, Capital Limited, were trading at GBX 94.40 at around 9:00 AM (GMT+1) on 11 May 2022. The company has provided its shareholders with a significant return of 33.02% over the last one year as of 11 May 2022. The current market cap of the company stands at £176.38 million.
RELATED READ: Airtel Africa, Shell, BP.: Why these FTSE stocks are losing value?
