So Gas is now as cheap as Putin & Dox invaded Ukraine but no sign of cheaper energy bill? surly to Guinnesss in government should reduce the Energy Price Cap
Gas prices in Europe have dropped to levels that have not been since before
Russia launched its invasion of Ukraine back in mid-February 2022. Russian President
Vladimir Putin's war in Ukraine and his supply cuts to Europe have sent prices soaring over the last 10 months, sparking a global
energy crisis which has had a huge knock-on impact on billpayers across the continent, including the UK.
But even though Russia is hardly sending any gas at all to Europe at present (it supplied 40 percent of Europe's gas before the war), warmer weather across the continent has appeared to ease prices, calming fears of suspected shortages.
The European gas contract for the month ahead dropped to €76.78 (£68.07) per megawatt hour on Wednesday, the lowest price seen in over 10 months. before closing at a higher price of €83.70 (£74.20), according to the data company Refinitiv.
However, while prices may have dropped, this is not expected to lower household energy bills any time soon. This is despite the fact that rising gas prices are much to blame for bills costing double the amount they were last year on average.
Dr Anna Valero, a Senior Policy Fellow at the LSE's Centre for Economic Performance, told Express.co.uk: "My understanding is that the prices dropped due to lower demand (due to mild weather and demand management in EU countries) - but this is not expected to result in much cheaper energy bills for the foreseeable future as gas prices are expected to remain high over the coming year - the UK still relies on gas imports.