Not the news you want to hear first thing in the morning.
Ofgem is a government regulator that sets out how much bills can go up – and down Energy bills will go up by 10% in October, meaning 28.4million households will be paying about £149 more a year. Ofgem, the energy regulator, determines how much utility companies can charge customers – the maximum suppliers can charge is known as the energy cap. The cap, which is expressed in terms of how much the average home would pay, has risen from £1,568 to £1,717, Ofgem announced today.
Though it’s called a ‘price cap’ this isn’t a cap on how much your bills will be. Ofgem does the maths to figure out what energy suppliers can charge people. This includes setting the price per unit of electricity and natural gas and including other charges into the bill like operating costs and subsidies for clean energy. From October 1, the unit rate for electricity will be 24.50p per kilowatt-hour, for a standing charge of 60.
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