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Publish date27 Aug 2022 - 19:37
Story Code : 563097

Energy bills in Great Britain to rise from Oct. 1 with price cap surge

Households in England, Scotland and Wales, collectively known as Great Britain, will have higher energy bills from Oct. 1, as electricity and gas regulator Ofgem raised the maximum amount suppliers can charge consumers.
Energy bills in Great Britain to rise from Oct. 1 with price cap surge

In line with Ofgem's decision on Friday, suppliers can charge up to £3,549 a year for heating and electricity, an 80% increase from the current price cap of £1,971.
The regulator will approve the next price cap change in January to respond quickly to volatility in the market. Previously, the price cap was reviewed every six months.
Following Ofgem's announcement, the regulator faced backlash from concerned citizens who expect the government to introduce measures to help households over the winter months.
Jonathan Brearley, the chief executive of Ofgem, said reduced levels of gas flow to Europe from Russia and increased global gas prices led to the decision to raise the price cap.
High inflation and the threat of recession also contributed to higher energy bills.
"The new Prime Minister will need to act further to tackle the impact of the price rises that are coming in October and next year," Brearley said.
The price cap, in effect since 2019, was introduced to protect customers from overcharges but has led to many energy suppliers going under as they could not reflect rising energy prices on customers' bills.
£1 is equal to $1.18
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Great Britain Energy bills price cap surge
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