UNG - Brits brace for 42% increase in utility bills

The CEO of Ofgem, the UK's gas and electricity regulatory authority, warned lawmakers Tuesday that Brits should brace for a 42% increase in utility bills this fall. The seasonal utility price cap will reset in October, likely rising to ~$3,500 and sending ~12m households into energy poverty (USO) (UNG), according to Ofgem CEO Brearley. Europe has been in an energy crisis for much of the past year, with gas and power prices shattering records; despite improved natural gas inventory levels, the continent is still facing elevated natural gas and power prices: Tuesday, rumors that Chancellor of the Exchequer Rishi Sunak ordered officials to prepare plans for a windfall tax on power generators sent shares of power plant operators lower (OTC:DRXGF) (OTCPK:SSEZF) (OTCPK:CPYYF). However, Boris Johnson has taken a somewhat pragmatic approach to managing the crisis so far, noting that, "what the country needs is a government that will take a

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Brits brace for 42% increase in utility bills