Electricity is so expensive in the UK now as there has been a reduction in available power supplies that combined with higher gas prices as lead to the increase in the wholesale price and cost of electricity.
The increase in network and policy costs also push the UK electricity prices up.
The average electricity bill in the UK is £738.45 per year, and the average gas and electric bill for a typical household with median usage is projected to be £2,020.00 per year in early 2024.
UK electricity prices have risen faster than almost any other developed country since 2019, the International Energy Agency (IEA) has found.
Soaring wholesale costs and an increase in net zero levies have led to British households paying more for their power, as they now face the third highest prices in Europe.