British Gas, OVO, EDF, EON, Octopus energy bills could change after Donald Trump US election win

British Gas, OVO, EDF, EON and Octopus bills could rise in the wake of a Donald Trump election victory - due to global factors - it is warned. Energy bills could be impacted by Trump storming back to the White House in a decisive victory over Kamala Harris.

Panmure Liberum analyst Ashley Kelty predicted oil prices would be set to drop as Trump has “little interest in renewables and will actively encourage US oil production growth”. He added Trump’s appetite for protectionist trade policies could have wider global impacts.

Trump has said he would dramatically increase trade tariffs, especially on China, if he became the next US president. In a note Kelty said: “A Trump presidency could also see policies (ie tariffs) that may further pressure the Chinese economy, hence weakening demand further.”

READ MORE Majorca demands UK tourists 'adopt' two habits and issues holiday warning

As Trump delivered an confirmation speech from Florida, Reuters reported a 2% fall in after two sessions of gains, as the dollar surged. John Hardy, chief macro-strategist at investment platform Saxo, said: "This is a very murky area, especially as the US has become the world’s largest oil and gas producer in the last 10-15 years. From the US point of view, it is almost entirely self-reliant, as is Canada.

"But oil prices are extremely important for the UK as it has become far more reliant on imports since the declines in North Sea oil set in about 25 years ago – so far more is at stake for the UK and Europe and especially China, the world’s largest oil importer."

Speaking at the FT Energy Transition Summit in October, Carlyle chief strategy officer Jeff Currie said: “I’m just going to point out that under the Trump administration, the world got a lot greener and under the Biden administration it got a lot browner.

“That’s just an observation. Let’s leave it with that. But I think you know it tells you that there are other dynamics at play there outside of the control of any administration.” Trump’s election triumph slashed €17bn from Denmark’s wind power giant Ørsted after its shares slumped by 11% on the Copenhagen Stock Exchange.

Vestas, a Danish wind turbine developer, lost 10% of its market value and is now worth €137bn. Shares in Spain’s Iberdrola, a leading renewables developer and the owner of Scottish Power, slipped by 4% to shave over €3.4bn from its shares.