Elon Musk has shamed Britain in another shocking post seemingly pointing out the dismal running of the country.
In his latest dig on social media, the US bigwig retweeted a staggering graph showing the average electricity prices for industrial users throughout 2023.
It showed the UK with the highest costs per MWh more than 150 dollars higher than the next country.
Germany came in second, followed by Italy, France, Japan, Brazil, Turkey and Mexico.
Granted not a direct attack on Starmer or the incumbent government as the numbers cover a time when the Tories and Sunak were in power.
It does however show the road will not be straightforward for Starmer when it comes to negotiating with Trump and his heavyweight friends who have a certain view of how the country is run. The X mogul has grown increasingly close to Trump during this election campaign and will be a voice of influence going forward as the US President-elect takes his position.
Musk previously blasted the UK's justice system in an interview claiming that there is a "shocking amount of censorship" in Britain.
The businessman and investor spoke on the Tucker Carlson Show about the early release of prisoners in the UK and people sent to prison over riot-related social media posts.
Speaking to Carlson, he said: "There's also like a shocking amount of censorship. You may have seen in Britain there.
"I kid you not... how can this be real? They are releasing convicted paedophiles from prison in order to put people in prison for Facebook posts."
But is Elon Musk right - why are UK energy prices so notably high. Here’s an in-depth look at why energy prices have surged so much more in Britain:
1. Global Gas Market
Global demand for natural gas has risen sharply, particularly in Asia, where countries like China have ramped up their imports to fuel economic growth and power generation. This increased competition has driven up prices.
Events like the COVID-19 pandemic and the Russia-Ukraine war have affected supply chains and production capabilities. As Russia is a major supplier to Europe., the supply of gas has been affected.
The UK, while importing a fair share of its energy needs as Liquid Natural Gas, faced high global prices as other major consumers like China and Japan competed for resources.
2. Dependence on Gas for Electricity
The UK relies heavily on natural gas to generate electricity. Despite investments in renewables, gas still plays a critical role, particularly during periods when wind or solar output is low. This reliance makes Britain particularly vulnerable to gas price fluctuations
.3. Diminished Domestic Production
The North Sea, once a significant source of oil and gas for the UK, has seen a decline in production over the past decades. This means that the UK has become more reliant on imported gas, which is subject to international market prices.
Meanwhile environmental regulations and policies aimed at transitioning to renewable energy have led to reduced investment in new oil and gas exploration.
4. Infrastructure and Supply Chain Issues
The UK has limited gas storage facilities compared to other European countries. This limits our ability to stockpile gas when prices are lower and makes Britain more susceptible to short-term price spikes.
The infrastructure needed to distribute energy, including maintenance and modernisation costs, adds to the overall price of energy for consumers.
5. Regulatory and Market Structures
The UK government has an energy price cap designed to protect consumers, but rapid price increases have led to financial challenges for energy suppliers. Many smaller suppliers that could not cope with wholesale price spikes went out of business, further tightening the market.
The Office of Gas and Electricity Markets (Ofgem) sets price caps periodically, but these caps sometimes lag behind actual wholesale price surges, causing strain on suppliers and impacting consumers when adjustments occur.
6. Renewable Energy and Transition Costs
The push towards renewable energy and carbon-neutral policies comes with costs. Subsidies for renewable energy projects and investment in green infrastructure are partially funded by levies on consumer energy bills. While renewable energy is vital for reducing carbon emissions, its intermittency (e.g., windless or cloudy days) means that gas-fired power stations often need to step in, keeping demand for natural gas high.
Find Out More...
In his latest dig on social media, the US bigwig retweeted a staggering graph showing the average electricity prices for industrial users throughout 2023.
It showed the UK with the highest costs per MWh more than 150 dollars higher than the next country.
Germany came in second, followed by Italy, France, Japan, Brazil, Turkey and Mexico.
Granted not a direct attack on Starmer or the incumbent government as the numbers cover a time when the Tories and Sunak were in power.
It does however show the road will not be straightforward for Starmer when it comes to negotiating with Trump and his heavyweight friends who have a certain view of how the country is run. The X mogul has grown increasingly close to Trump during this election campaign and will be a voice of influence going forward as the US President-elect takes his position.
Musk previously blasted the UK's justice system in an interview claiming that there is a "shocking amount of censorship" in Britain.
The businessman and investor spoke on the Tucker Carlson Show about the early release of prisoners in the UK and people sent to prison over riot-related social media posts.
Speaking to Carlson, he said: "There's also like a shocking amount of censorship. You may have seen in Britain there.
"I kid you not... how can this be real? They are releasing convicted paedophiles from prison in order to put people in prison for Facebook posts."
But is Elon Musk right - why are UK energy prices so notably high. Here’s an in-depth look at why energy prices have surged so much more in Britain:
1. Global Gas Market
Global demand for natural gas has risen sharply, particularly in Asia, where countries like China have ramped up their imports to fuel economic growth and power generation. This increased competition has driven up prices.
Events like the COVID-19 pandemic and the Russia-Ukraine war have affected supply chains and production capabilities. As Russia is a major supplier to Europe., the supply of gas has been affected.
The UK, while importing a fair share of its energy needs as Liquid Natural Gas, faced high global prices as other major consumers like China and Japan competed for resources.
2. Dependence on Gas for Electricity
The UK relies heavily on natural gas to generate electricity. Despite investments in renewables, gas still plays a critical role, particularly during periods when wind or solar output is low. This reliance makes Britain particularly vulnerable to gas price fluctuations
.3. Diminished Domestic Production
The North Sea, once a significant source of oil and gas for the UK, has seen a decline in production over the past decades. This means that the UK has become more reliant on imported gas, which is subject to international market prices.
Meanwhile environmental regulations and policies aimed at transitioning to renewable energy have led to reduced investment in new oil and gas exploration.
4. Infrastructure and Supply Chain Issues
The UK has limited gas storage facilities compared to other European countries. This limits our ability to stockpile gas when prices are lower and makes Britain more susceptible to short-term price spikes.
The infrastructure needed to distribute energy, including maintenance and modernisation costs, adds to the overall price of energy for consumers.
5. Regulatory and Market Structures
The UK government has an energy price cap designed to protect consumers, but rapid price increases have led to financial challenges for energy suppliers. Many smaller suppliers that could not cope with wholesale price spikes went out of business, further tightening the market.
The Office of Gas and Electricity Markets (Ofgem) sets price caps periodically, but these caps sometimes lag behind actual wholesale price surges, causing strain on suppliers and impacting consumers when adjustments occur.
6. Renewable Energy and Transition Costs
The push towards renewable energy and carbon-neutral policies comes with costs. Subsidies for renewable energy projects and investment in green infrastructure are partially funded by levies on consumer energy bills. While renewable energy is vital for reducing carbon emissions, its intermittency (e.g., windless or cloudy days) means that gas-fired power stations often need to step in, keeping demand for natural gas high.
Find Out More...