The Escalating Cost Of Living in the UK

The UK, with other EU nations, is susceptible to an energy crisis chiefly due to its dependence on heating and electricity and poorly insulated homes. The household energy bills are presumed to rise from Pound 1,000 to Pound 3,500 in November-December 2022. In this scenario, the UK government plans to subsidize the energy bill. The energy crisis is the prime reason for the escalated cost of living, which has become a burden for the UK, propelling the inflation rate to 10%. The energy crisis is building up after post-Covid-19 as the economy is back on track and for Russia Ukraine conflict. Gas supply into Europe has dropped significantly.

Planned blackout

Increasing energy prices and rentals are two major factors affecting the cost of living in the UK. Due to soaring energy prices, the National Grid Electricity System Operator (ESO) pronounced that the UK might face planned power outages in the winter. The announcement was made with a grain of caution, the blackout may not happen, but the risk still exists. A total blackout is a complete disruption of the power supply; on the other hand, in a planned blackout in certain areas, the power is manually cut off to avert a crucial breakdown of the grid. To learn more about the potential threats of a planned blackout, log on to propertypressonline.

At equilibrium

The UK boasts one of the most reliable power grids in the world. Only tornadoes and other natural calamities disrupt the system. But this winter, there may not be enough gas to run the engines. The crisis deepens due to Ukraine Russia conflict and the inability of the UK to import gas from France; as an alternative plan national grid is building up two gigawatts of coal power plants to provide electricity in the coming harsh winter season. The grid is scheduled to be at equilibrium, implying the input power from coal plants and sustainable energy sources is identical to power demand from industry and households.

Use less energy at peak time 

A blackout impacts the national economy negatively. A notice is served two days before the blackout and could last three hours at a stretch shutting the power to industry and households. You can help the power grid to avert this power disaster by consuming power prudently and using less energy at peak times. Check if the electricity vendor offers some cash-back incentive if you do not use power at a specific high-demand time. Typically peak hours in the UK exist from eight to eleven in the morning and four to seven in the evening.

Solar or other renewable energy

You can install solar panels or other renewable energy systems connected to a battery, storing the electricity and using it during a power outage. If a battery is not an integral part of the renewable energy system, the national grid will not permit it to operate due to potential health hazards. Along with energy prices, rental of houses are soaring by 11% in London by, 15.7%according to propertypressonline. The ongoing demand is driving up the rent yield, especially in city centers, as students and employees are looking for a place to stay ahead of winter. Rentals equal to the pre-pandemic period 6% higher than 2020Q1 in and around London.