Contact Us





Britannic House, 279 Chanterlands Avenue, Hull, HU5 4DS

Monday - Friday: 9am - 5pm

01482 447 922

info@evansandco.co.uk

Follow us on Facebook

Close this window

Book a Free Consultation






:


Close this window

Get An Instant Quote

First, tell us a bit about your business...





Next, tell us about the services you'd like us to provide...






Finally, tell us a bit about yourself...






We don't share your details with anyone

Close this window

Energy price cap set to rise to £2,800 in October

The energy price cap is now expected to rise to around £2,800 in October, according to the UK's energy regulator.

The energy price cap is now expected to rise to around £2,800 in October, according to the UK's energy regulator.

Jonathan Brearley, Chief Executive of Ofgem, warned MPs on the Commons business committee about the increase. Mr Brearley told the committee that the price cap, which is currently £1,971, will increase due to continued volatility in the gas market.

He said the price rises were a once in a generation event not seen since the oil crisis in the 1970s. The Ofgem Chief Executive also warned that the number of people in fuel poverty could double.

The energy price cap is the maximum price per unit that suppliers can charge customers. It rose in April, meaning that homes using a typical amount of gas and electricity are now paying an extra £700 per year on average.

Mr Brearley said:

'I am afraid to say conditions have worsened in the global gas market since Russia's invasion of Ukraine. Gas prices are higher and highly volatile. At times they have now reached over ten times their normal level.

'I know this is a very distressing time for customers, but I do need to be clear with this committee, with customers and with the government about the likely price implications for October.

'Therefore, later today I will be writing to the Chancellor to give him our latest estimates of the price cap uplift.'

Internet links: BBC News website

Latest Articles

Chancellor announces windfall tax on energy firms

Chancellor Rishi Sunak will impose a windfall tax on energy firms alongside a package to help households with the cost-of-living crisis.

Read Article

Energy price cap set to rise to £2,800 in October

The energy price cap is now expected to rise to around £2,800 in October, according to the UK's energy regulator.

Read Article

Inflation hits 40-year high

Inflation has hit its highest level in 40 years amid the deteriorating cost-of-living crisis, according to the latest figures from the Office for National Statistics (ONS).

Read Article

View All Articles