Energy prices might spike this winter - IEA boss

Energy prices could spike this wintertime forcing governments to measurement successful and subsidise bills again, the caput of the International Energy Agency has said.

If the Chinese system strengthens rapidly and determination is simply a harsh winter, state prices could rise, putting unit connected consumers, Fatih Birol said.

He added that governments should propulsion for energy-saving and boost renewables.

However a UK authorities spokesperson said vigor bills are acceptable to autumn by an mean £430 this month.

Gas prices soared aft Russia's penetration of Ukraine, driving up vigor bills astir the world.

A fig of governments past stepped successful with enactment for households, including successful the UK, to effort to soften the stroke to consumers.

Mr Birol told the BBC's Today programme that galore European governments made "strategic mistakes", including an over-reliance connected Russia for energy, and that overseas argumentation had been "blindfolded" by short-term commercialized decisions.

He said this wintertime "we cannot regularisation out" different spike successful state prices.

"In a script wherever the Chinese system is precise strong, buys a batch of vigor from the markets, and we person a harsh winter, we whitethorn spot beardown upward unit nether earthy state prices, which successful crook volition enactment an other load connected consumers," helium said.

The Chinese system had been bouncing backmost aft Covid restrictions were lifted, but precocious its system has been slowing down.

Ratings bureau S&P Global this week chopped its forecast for Chinese growth, saying "the hazard is that its betterment loses much steam amid anemic assurance among consumers and successful the lodging market".

Investment banks including Goldman Sachs person besides been cutting forecasts for Chinese growth.

Nevertheless, Mr Birol said governments including the UK should "continue to propulsion measures to prevention energy, particularly arsenic we participate the winter".

They should besides propulsion renewable technologies truthful they "see the airy of time arsenic soon arsenic possible" and chopped the clip it takes for them to get permits, and look for "alternative vigor options", helium said.

He said helium "wouldn't regularisation retired blackouts" this wintertime arsenic "part of the game".

"We bash not cognize yet however powerfully the Chinese system volition rebound," helium said.

National Grid said past wintertime that abbreviated powerfulness cuts were a anticipation - successful the end, this was not necessary.

A UK authorities spokesperson said: "We spent billions to support families erstwhile prices roseate implicit wintertime covering astir fractional a emblematic household's vigor bill, with them acceptable to autumn by astir £430 connected mean from this month."

Russia's warfare successful Ukraine led to a "gold rush" of caller fossil substance exploration, and the UK defied clime warnings by issuing a caller licensing circular for North Sea lipid and gas.

More than 100 applications person been submitted to drill for caller lipid and state successful the North Sea.

This was astatine likelihood with planetary clime scientists who accidental fossil substance projects should beryllium closed down, not expanded.

They accidental determination tin beryllium nary caller projects if determination is to beryllium a accidental of keeping planetary somesthesia rises nether 1.5C.

Mr Fatih said "if the satellite is serious" astir the "climate cause" past "we person to trim the usage of lipid and state importantly successful the adjacent years to come".

If we tin trim consumption, existing lipid and state fields volition beryllium capable to conscionable declining demand, helium added.

He said helium has discussions with the main executives of UK lipid companies.

Mr Fatih said helium has "no problem" with lipid firms making profits, but if they say: "I americium going to summation my accumulation by 4 cardinal barrels per day, and my company's strategy is successful enactment with the Paris Climate Agreement - it doesn't work, determination is simply a occupation here."

The Rosebank tract successful the North Sea, which has the imaginable to nutrient 500 cardinal barrels of oil, could beryllium approved by the authorities wrong weeks.

The UK authorities said it was "committed to reaching nett zero by 2050 and person already travel a agelong mode to conscionable that target, cutting emissions faster than immoderate different G7 state portion keeping the system increasing and with low-carbon sources similar renewables and atomic providing fractional of the UK's energy generation".

But a spokesperson added "the modulation to cleaner vigor cannot hap overnight and we volition proceed to request lipid and state implicit the coming decades, arsenic recognised by the autarkic Climate Change Committee".