why are energy prices rising in the UK, when their main sources is its own North Sea gas?
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The UK imports most of its gas, so it has to pay producers in other countries.
Things were reasonably stable until last year when Russia started shutting down supplies to mainland Europe. Suddenly, the other European countries were contacting suppliers all around the region and around the world asking for supplies of gas.
There isn’t enough gas to go around, so buyers are simply out bidding other buyers to make sure they get the supply. This is causing the price to rise.
The UK actually has lower gas prices than most of Europe because the UK invested in ports capable of bringing in cryogenic liquified gas by tanker, while many European countries don’t have this often. This means that the UK is able to get access to more supplies via tanker and can therefore get lower prices.
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