Middle East violence contributed to higher energy bills - 04/08/2011
The political upheaval witnessed in the Middle East and North Africa in the first few months of 2011 contributed to higher bills for energy comparison customers, npower's Optimisation Desk stated.
Magali Hodgson, an industry expert who prepares the energy supplier's market update report, noted that the civil unrest introduced risks to world supplies and caused Brent oil price to climb.
"On top of this, the situation in Japan added to the bullish sentiment in the worldwide fuel complex and greatly affected confidence in nuclear generation, leading to Germany announcing its complete withdrawal from nuclear generation by 2022," she noted.
"This saw strong UK power price increases on the curve resulting in winter 2011 baseload contracts peaking in early April at £62 per MWh - £12 per MWh up on the beginning of the year."
Meanwhile, the Department of Energy and Climate Change recently published a report which found government policies could add 52 per cent to the price of electricity supplies within a decade.
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