This has seen Gas Prices for upcoming Winter Month offers soaring significantly, with gains of 4.26 p/therm (9%) increases.

This was an unexpected announcement however not surprising given the age of the field. This will put significant pressure of the UK System, but also coupled with a potential interest rate cut in August along with planned maintenance in Norway, UK Energy Prices might take on a life of their own in the next weeks and months.

In short: Gas & Electricity prices are expected to continue to rise over the next month, and potentially further increases if interest rates are cut by The Bank of England in August.