Nesta analysis shared with Carbon Brief finds that expensive wholesale gas is behind nearly 90% of the rise in UK household electricity bills since 2020 and 77% of the rise in gas bills, contradicting claims that net-zero is to blame. Nesta’s Andrew Sissons says net-zero is “helping to shelter Britain” from high gas prices, and renewable contracts for difference are cutting electricity bills by £17 under the current price cap. Wholesale gas reached 220p per therm on 19 October, above the 2022 average of 210p and at its highest since Russia’s 2022 invasion of Ukraine. Typical dual-fuel bills rose 47% in real terms, from £1,175 a year in October 2020 to £1,723 in October 2026, with wholesale costs accounting for £444 of the increase. Balancing costs make up just £35, or 4%, of a typical £858 annual electricity bill.
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XAU/USD
• NeutralRelevance: low
| Market | Gold |
|---|---|
| Close on 10/20/2026 | 4,125.21 |
| Change that session | -0.38% |
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