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Friday, March 24, 2023

Energy Crisis: British Pub to Pay $72K for a Year of Electricity

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In the wake of an energy crisis developing in Europe, a British pub was quoted as having to pay roughly $72,000, or £62,000, for its annual electricity bill.

“Just thought I might update you on the latest ‘best’ energy deal available for a pub of our size,” read a tweet by The Rose and Crown, a pub in Bebington, England. “We were paying 15[pence]/unit in May. This is the best quote available today.”

Accompanying the tweet was a screenshot from British Gas with a quote of £61,667.94 for a year’s supply of electricity.

The increase comes, according to Metro, as regulator Ofgem announced the cap on pricing for households would increase by 80% beginning in October.

Sacha Lord, an economic adviser for Greater Manchester, tweeted that the British government’s “lack of intervention, will now cause more damage to Hospitality, than the pandemic.”

“I can see what’s coming. They can see what’s coming,” Lord continued. “Instead, they chose to go on holiday. Utterly insulting.”

Lord warned that if the British government doesn’t take immediate action, then “we will sadly see closures like never before in our lifetime. It’s criminal.”

According to CNN, last year, before Russia invaded Ukraine, wholesale natural gas prices began increasing as countries began opening after the pandemic.

But with the war and the pull of European countries swearing off Russian energy, energy prices were pushed higher. Amid it all, western nations have banned Russian coal and oil imports, while Europe has desperately tried to take itself off Russian natural gas.

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