The energy supplier shared an update for customers (stock photo) (Image: Getty)
British Gas has shared an important update for customers regarding their bills. The energy firm has explained how UK households could be affected by market shifts in a YouTube video.
The head of pricing at British Gas answered questions for customers in the post, which was titled: “Iran war and UK energy prices – current impact and what it means for energy bills.” In the caption, British Gas wrote: “Find out how the Iran war is affecting UK energy bills, what changes to tariffs and prices could mean for your household, and practical steps to stay in control.”
In the ‘energy update’, the British Gas employee addressed questions about potential price rises and whether the UK faces a gas shortage, reports the Mirror. Discussing the ‘energy crisis’, the pricing expert said: “Hi, I’m Simon, head of pricing at British Gas. Today, I’m going to be answering customer questions about the energy market.”
Simon said: “Are energy prices going up because of global events? Your prices will remain the same until the end of June.
“We may see prices rise on the first of July as events in the Middle East are causing rises in global energy markets, which is where energy companies buy their gas and electricity. Wholesale prices make up roughly half your bill. So, spikes in the market can have impacts on the prices you pay.”
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For the second question, he was asked: “Is the UK at risk of running out of gas?” Simon replied: “No, this isn’t something to worry about. The UK has a wide range of supply sources, including North Sea production, renewables, and imports of liquefied natural gas.
“We secure reliable gas from a number of sources, so there’s plenty available when it is needed. Our rough storage facility, the UK’s largest, provides 50% of the UK’s gas storage. We’ve also secured long-term international supply agreements, so there is gas for years to come.”
The next question asked if renewables or nuclear were the answer to long-term price stability. “Renewables and nuclear both play an important part in the UK’s energy mix,” Simon said. “They also help reduce our reliance on volatile global energy markets.
“We’re investing for the long term. This includes supporting existing nuclear power stations and investing in new ones. For example, Sizewell C nuclear power station.”
Simon was also quizzed about tariffs. The question said: “Should I switch to a fixed tariff?” He answered: “Fixing can save you money if energy prices rise and give you certainty of what you’ll be paying over the next year. On the other hand, a tracker tariff can be cheaper if prices fall. There’s often no right answer. It all depends on how much certainty you want.”
Lastly, a customer question said: “How can I reduce my energy bills immediately?” The expert said: “There are all sorts of ways to save energy around the home, from choosing shorter cycles on appliances to turning off electronics at the mains when you’re not using them.
“We have a lot of advice here and on the website to help people save. And if you’re with British Gas, you can sign up for PeakSave for half-price electricity on Sundays. There are also some bigger ways to save energy, such as getting smart controls for your heating, buying energy-efficient appliances, or buying solar panels for your home.”
Sharing further advice on its website, British Gas said: “We know the energy market feels uncertain right now, but we’ll keep you updated as things unfold. Rest assured your rates are protected for the current price cap period (1 April – 30 June). And that we have lots of help and support available for customers who need it.”