Why has there been such a large energy price shock? What can be done about it?

Only 4% of UK natural gas consumption is imported from Russia. We can replace this with increased liquified natural gas LNG imports from Qatar, the US and other producers. So, why has the threat of losing access to gas from Russia been followed by such a large rise in energy prices for UK households and businesses?

Our government’s response has been introducing price caps and making direct payments to protect us from these higher prices. They anticipate that this may cost £150bn over two years, more than £2,000 for every adult and child in the country. Is this the only possible response, or could other measures be used to reduce prices and lower the burden on taxpayers?

You are invited by Loughborough University, School of Business and Economics, to a webinar examining the causes of the energy price shock and how best to respond to it. The webinar will be hosted by Monica Giuletti, Professor of Microeconomics. It will feature a presentation by Alistair Milne, Professor of Financial Economics, setting out his analysis of how we can address the energy price shock without spending tax payer money . This will be followed further discussion from Paul Hallas, an industry professional now of Halsette Energy Consulting with nearly four decades of experience in energy markets, on current industry and government responses. There will then be an opportunity for Q&A.