UK to allocate $118B to population to compensate for electricity bills

UK authorities are forced to compensate residents for sharply increased fuel and electricity costs of more than £100 billion ($118 billion) over two years, Report informs referring to the Financial Times.

Such financing in the face of soaring natural gas and electricity prices highlights the scale and depth of the crisis that has gripped the country, Keith Anderson, chief executive of Scottish Power, one of Britain's six main energy companies, was quoted as saying.

According to experts, the maximum electricity bills for British households should not exceed £2,000 per year ($2,400). When its cost is higher, the difference in price will be compensated by suppliers through government loans.