Ofgem chief estimates energy price cap will rise to £2800
The Chief Executive of the energy regulator Ofgem, Jonathan Brearley, has today told the Business, Energy and Industrial Strategy (BEIS) Committee that he will write to the Chancellor informing him that the energy price cap is expected to rise to £2800 this October. Reacting for Friends of the Earth climate campaigner, Sana Yusuf, said:
“The energy price cap will be more than £1500 higher in just the space of a year if Ofgem’s estimates for October’s rise are correct. That’s not just staggeringly high, it’s incredibly worrying for millions of people across the country who will be wondering how else they can tighten their belts when things are already so squeezed.
“Existing plans to bolster the UK’s energy supply and reduce costs simply aren’t moving fast enough. Clearly, there’s a growing need for emergency support for those unable to meet rising energy prices, while a free street-by-street insulation programme targeted first at struggling households could help to bring down bills quickly before next winter. The government can help to fund this today by taxing fossil fuel companies’ excess profits.”