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Long Term Power and Energy Prices Set to Soar

The Reasons Why

The reasons for the long term increases in your energy costs are:

  • Predominantly due to increases in the oil prices.
  • Taxation on petrol and diesel. For a litre of petrol costing 108 pence, approximately 33 pence goes to the oil company, 9 pence to the retailer, 50 pence fuel duty to the Chancellor of the Exchequer, and 16 pence VAT to the chancellor.
  • The Climate Levy taxes energy consumption via your company's utility bills.
  • There is a doubling in spending commitment from the six big energy suppliers to reach government carbon emission reduction targets is passed onto customers.
  • Production of gas in the North Sea has been declining faster than expected. Consquently, the UK has had to import more of its total gas supplies.
  • The European Commission believe that some of Europe's major energy companies have been holding back gas supplies in order to drive up prices.