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Story summary
- UK gas reserves are at 18% capacity, with potential household bills up to £500 from rising global gas prices.
- Prices are driven by gas costs under the UK's marginal pricing model, despite renewables supplying 47% of electricity.
- The Iran conflict has pushed oil prices above $100 per barrel and European natural gas prices up 40%.
- In the UK, fuel costs and mortgage rates are expected to rise.
