6 January 2010
Consumers are unlikely to see their gas bills increase over the next few months, despite the rising demand for the natural resource, the Daily Telegraph reported.
The cold spell that has hit the UK caused a surge in demand for gas, which led to a sharp rise in spot prices, with prices reaching 60.5 pence per therm at one stage on Monday January 4th, the publication revealed.
However, if the cold weather lasts for a few months, then consumers may experience a long-term rise in their gas bills as suppliers attempt to recoup the costs of purchasing gas at such high spot prices.
Britain currently sources much of its gas from the North Sea, however, the country will become more reliant on importers as supplies run out.
Ian Parrett, Analyst at Inenco, told the news provider that this does not necessarily mean higher prices, but that they may fluctuate more.
The Met Office has issued severe weather warnings for much of the UK, with up to 40 cm of snow predicted to fall overnight in parts of the south east.
