UK energy crisis: Calls for 'social tariff' to help vulnerable households

What happened: Hungary is set to halt gas deliveries to Ukraine, escalating an energy standoff after Ukraine halted Russian oil transit via the Druzhba pipeline. Meanwhile, the UK is grappling with rising energy prices due to the conflict in Iran. Charities are warning households not to turn off their heating, while the UK government is mandating solar panels and heat pumps in new homes. A thinktank suggests subsidizing energy for all UK households. Despite these measures, experts predict a years-long energy shock in the UK even if the conflict ends soon.

Market impact: The energy crisis is driving up prices and threatening vulnerable households. The UK's response, including new regulations and potential subsidies, could impact energy suppliers, renewable energy companies, and consumers. The global gas squeeze is pushing up electricity prices, affecting power generators and consumers alike.

What to watch next: The evolution of the energy crisis depends on the progress of the conflict in Iran, Ukraine's response to Hungary's gas halt, and the UK government's energy policy. Key upcoming catalysts include the UK's energy price cap review in April, the government's response to the thinktank's subsidy proposal, and the release of UK inflation data, which is closely tied to energy prices.