Welcome reduction

ENERGY bills for an average UK household are expected to dip to an annual £1,900 (€2,187) this summer following a reduction in gas prices.

The present energy price cap, set in April, stands at £3,280 (€3,776) a year.

Annual gas and electricity charges are falling as normality returns to the energy market with lower wholesale gas prices beginning to show up on power bills.

Figures currently demonstrate that the price of gas has returned to where it was in February 2022, before Russia’s invasion of Ukraine transformed the energy sector.

Telefonica increases turnover

TELEFONICA announced a net profit of €298 million for the first quarter of 2023 on May 9.

This was 57.8 per cent lower than the €706 million reported during the same period last year, owing to higher debt costs.

Revenue between January and the end of March reached €10.05 billion, 6.7 per cent more than 2022’s first quarter, with increases in all business divisions and Telefonica’s key markets of Spain, the UK, Germany and Brazil despite ongoing inflation.

The company’s net financial debt fell by €244 million to €26.44 billion.