Ofgem price cap UK set to raise bills; millions affected from October

Energy & Climate Intelligence Unit | Ofgem price cap: comment

Price cap announcement from Ofgem set to see bills increase for millions of households from October.

Commenting ahead of tomorrow’s price cap announcement from Ofgem, which is likely to see bills increase for millions of households from October [1], Jess Ralston, Head of Energy at the Energy and Climate Intelligence Unit (ECIU) , said: “Families have had little respite from energy price shocks since Russia’s invasion of Ukraine, and energy debt is already at record levels before winter has even begun. Short-term support from Government may take some of the edge off, but Britain remains highly exposed to volatile gas prices being driven right now by the US-Iran conflict in the Middle East. “Whether or not new drilling takes place in the North Sea, the UK’s reliance on imported gas from the likes of Trump is set to grow as the basin declines. If UK households are to be shielded from these shocks, investing in net zero technologies like electric heat pumps, alongside more renewables, will be needed. The more our homes are powered by British wind and solar rather than imported gas, the less influence international crises will have over what households pay.”

Ofgem will update the price cap on Wednesday 26 August.

For more information or for interview requests:

George Smeeton, Head of Communications, ECIU, Tel: 020 8156 5305, M: 07894 571 153, email: george.smeeton@eciu.net