Higher energy bills for Britons - From October, the regulator will increase the price ceiling by 2%
Millions of British households will see their energy bills rise from October after energy regulator Ofgem raised the cap price by 2%. This comes despite the government's ongoing efforts to cut costs in the sector.
Ofgem's price hike comes after inflation rose to an 18-month high in July, while the government is under pressure over its net-zero emissions plan.
The new cap of £1,755 (around €2,370) per year for average electricity and gas consumption is around £35 higher than the previous cap for the July-September period. Ofgem said the increase was due to rising network costs and energy policies.
Although household energy prices have fallen since their 2023 peak, they remain about 50% higher compared to the summer of 2021, before Russia's invasion of Ukraine caused an energy crisis in Europe.
In June, the government announced it would add another 2.7 million households to its “heating bill reduction” scheme this winter. The scheme, set up in 2011, will now help 6 million households, offering £150 towards their energy bills. However, Ofgem stressed that the extension of the scheme would add an average of £1.42 per month to the bills of all customers.
Consumer groups said energy costs remained unaffordable for many people and called for greater support for those facing financial difficulties. The government said the only long-term solution to lowering bills was to reduce dependence on fossil fuels and switch to clean energy.
The regulator sets the price cap every three months through a formula that reflects wholesale energy prices, suppliers' network costs and tariffs for environmental and social purposes. Wholesale energy prices fell by about 2% during the last assessment period.
Although the price cap could be lowered in January due to falling wholesale prices, bills could remain high thanks to additional costs from government policies, such as a new tariff to support the construction of the Sizewell C nuclear power station.
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