Business · Energy & Commodities · 8 hrs ago

US-China energy rivalry puts pressure on UK bills and climate goals

US-China energy rivalry puts pressure on UK bills and climate goals

UK households could see energy bills rise by more than a quarter in January, adding about £460 a year for a typical home, according to supplier forecasts.

Oil and gas prices have climbed since US and Israeli strikes on Iran effectively closed the Strait of Hormuz in February.

Winter could push prices higher as gas demand rises and Europe's gas stores are at their lowest level since records began in 2011.

The crisis reflects a wider contest: the US is backing oil and gas, while China is exporting clean-energy technology such as solar panels, batteries and electric cars.

The UK depends on both, importing nearly a quarter of its gas from the US and much of its clean-energy equipment from China.

Its recent choices include blocking a proposed Chinese wind-turbine factory on security grounds and approving the Jackdaw North Sea gas field.

The UK faces a difficult choice between affordable energy and cutting emissions, as leaders meet for the COP31 climate summit in Antalya, Turkey.

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