British Gas faces payouts to vulnerable prepayment customers as reform and cost-of-living pressures bite. UK energy giant; owner of Scottish Gas in Scotland.
On March 21-22, 2026, US President Donald Trump issued a 48-hour ultimatum demanding Iran fully reopen the Strait of Hormuz or face destruction of its energy infrastructure, starting with the largest power plant. Iran responded by threatening retaliation against US-linked energy and desalination facilities. The conflict has escalated with missile strikes on Israel and Gulf states, disrupting global oil supplies and raising prices.
UK government officials discuss potential energy support measures as global tensions escalate over Iran and the Middle East conflict. The UK faces economic risks from rising oil prices and geopolitical instability, with officials planning to bolster energy security and financial resilience amid ongoing conflicts and US-Iran tensions.
Cost of living concerns grow as Middle East conflict disrupts global oil markets, raising prices for essentials. Inflation remains at 3%, but household confidence drops, with many dipping into savings. Benefit payments are adjusting for April, with universal credit recipients set for a boost.
The UK has announced the start of work on three small modular reactors with Rolls-Royce, aiming for operation by the mid-2030s. Meanwhile, record solar and wind generation is boosting renewable capacity, reducing reliance on fossil fuels amid global energy market volatility driven by geopolitical tensions.
The UK government is preparing to increase the electricity generator levy and overhaul market rules to reduce reliance on gas prices. These measures aim to shield consumers from volatile energy costs driven by global conflicts and rising renewable capacity, with consultations expected soon.