Ofgem confirms energy price cap will rise by 54 per cent

Ofgem confirms energy price cap will rise by 54 per cent

This morning Ofgem has said it will permit to energy price cap to rise by 54 per cent from 1 April to 1 October.
 
Experts estimate that the average UK household will henceforth experience a jump from £1,277 to £1,971 per year in energy bills.

Wholesale gas costs have rocketed in recent months – rising by over 500% in under a year.

With much of this rise occurring since the current price cap was set in October, suppliers are losing up to £400-£600 per household because they cannot charge what it currently costs to provide energy to their customers.

As a result, 27 suppliers have exited the market since August, in addition to Bulb entering special administration in December.