UK Regulator Expects Energy Price Cap to Jump 42% in October - BLOOMBERG
MAY 25, 2022
BY Bloomberg News
(Bloomberg) -- The UK’s energy price cap is likely to increase to a record £2,800 in October, just as heating demand starts to pick up at the beginning of winter.
Ofgem Chief Executive Officer Jonathan Brearley will write to Chancellor of the Exchequer Rishi Sunak to warn him of the impending increase of more than 800 pounds to bills for about 22 million households, he told a panel of lawmakers on Tuesday.
Brearley acknowledged how distressing this was likely to be for consumers already facing record high costs. The period for assessing and decide on the next cap is only halfway through and volatility in gas markets is still high, he said.