(Finance) – The Office of Gas and Electricity Markets (Ofgem), the British energy regulator, announced that the ceiling for bills will increase consumer energy at an average of 3,549 pounds, from £ 1,971 a year, in the fall. This is an increase in80%. The cap limits the standard rate that energy suppliers can bill household customers for their combined electricity and gas bill in England, Scotland and Wales. It is recalculated by Ofgem throughout the year to reflect wholesale market prices and other industry costs.
The Authority also warned that winter gas market forecasts indicate that “i prices could worsen significantly until 2023He did not provide any projections on the price cap for January, when the next revision of the price cap will take effect, “because the market remains too volatile.”
“The government support package is providing help right now, but it is clear that the new Prime Minister will have to act further to address the impact of price hikes coming in October and next year – commented CEO Jonathan Brearley – We are working with ministers, consumer groups and industry on a range of options for the incoming Prime Minister that will require action urgent”.
“There response will have to match the scale of the crisis we face – added the number one of the Ofgem – With the right support in place and with the regulators, the government, the industry and consumers working together, we can find a way to overcome all this “.