Quote from the DP this morning, followed by an interesting BBC article............
A renewal quote for a Michelin Guide hotel and restaurant has highlighted the "staggering" increases in energy prices facing businesses across Wales. The Hand at Llanarmon is an award winning Denbighshire site that pulls in food lovers from across the region and further afield.
But the owners are now facing potentially difficult decisions to make it through the winter after their energy firm's latest renewal quote came through. It shows a 400% increase in the cost of power - taking the monthly bill from ?1,900 to ?9,500.
BBC Article ..Inflation: Who is benefiting from soaring prices?Many UK households and businesses are struggling with rising prices, but that's not the story for everyone.
The fastest rise in the cost of living for four decades means people are typically having to spend ?110 to get what ?100 bought them last year.
But some industries are benefiting from higher inflation and posting bumper profits. There are huge sums to be made if you're in the business of drilling for oil, trading wheat, transporting toys or selling fine wines.
So who's gaining from the extra spend?
Saudi Arabia's Aramco posted record profits between April to June, while BP cleared ?6.9bn in that period and Shell topped that with its profits of ?9bn worldwide.
Centrica, the parent company of British Gas, has seen profits rise five-fold due to its oil, gas and nuclear assets.
All of these companies will be faced with the government's 25% windfall tax on the profits they make from extracting UK oil and gas - this is intended to go towards helping households with rising bills. Yet for most of the energy giants, domestic extraction is a small part of their operations.
For example, the UK accounts for just a tenth of BP's overall oil and gas production.
Read more
https://www.bbc.co.uk/news/business-62634983