Ofgem announced that energy bills will increase by 5% from January 1, putting hopes for relief from the cost-of-living crisis on hold. The increase is driven by rising costs in the international wholesale energy market due to market instability and global events.
Energy bills will rise again from January as hopes for relief from the cost-of-living crisis are put on hold. Ofgem announced its latest price cap on Thursday. Ofgem ’s energy price cap will increase by 5% from the current £1,834 to £1,928 from January 1 for a typical dual fuel household in England, Wales and Scotland, the regulator has announced. Ofgem said the increase of £94 over the course of a year – around £7.
83 a month – was driven almost entirely by rising costs in the international wholesale energy market due to market instability and global events, particularly the conflict in Ukraine. Chief executive Jonathan Brearley said: “This is a difficult time for many people and any increase in bills will be worrying. But this rise – around the levels we saw in August – is a result of the wholesale cost of gas and electricity rising, which needs to be reflected in the price that we all pay. “It is important that customers are supported and we have made clear to suppliers that we expect them to identify and offer help to those who are struggling with bill
Energy Bills Price Cap Ofgem Cost-Of-Living Crisis Wholesale Energy Market Market Instability Global Events
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