How gas keeps the UK’s electricity bills so high – despite lots of cheap wind power

By Michael Tamvakis, Professor of Commodity Economics and Finance, City St George's, University of London

Gas and electricity bills will rise again for millions of UK households on April 1, when the latest energy price cap takes effect. A typical household will pay £111 more per year.

Though prices have fallen somewhat since their peak in 2022, bills are still considerably higher than they have been historically. That’s despite the construction over the past decade of vast wind farms in the North Sea – which, once built, provide electricity for very little extra cost.

So what explains the UK’s pricey…

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