BREAKING: Energy price cap to rise more than 80% to £3,549 from October 1, Ofgem confirms.
Ofgem has confirmed an 80.06% rise in the energy price cap, sending the average household's yearly bill from £1,971 to £3,549 from October.
The regulator said the increase reflected the continued rise in global wholesale gas prices, which began to surge as the world unlocked from the Covid pandemic, and had been driven still higher to record levels by Russia slowly switching off gas supplies to Europe.Mr Brearley said: "We know the massive impact this price cap increase will have on households across Britain and the difficult decisions consumers will now have to make.
"We are working with ministers, consumer groups and industry on a set of options for the incoming Prime Minister that will require urgent action. The response will need to match the scale of the crisis we have before us. With the right support in place and with regulator, Government, industry and consumers working together, we can find a way through this."
"As a result of the decision, parents will be unable to feed their children, the sick and elderly will be condemned to worsening health, disabled people will go without vital medical equipment and households will be forced into poverty for the first time in generations. The consumer watchdog said the Government's financial support for all households must increase from the current £400 to £1,000 - or from £67 to £167 per month from October to March.
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