UK’S ENERGY WATCHDOG RAISES THE ENERGY PRICE CAP BY 20%

Thu 24 November 2022:

The energy regulator for the UK said on Thursday that the energy price cap would increase by 20%, from £3,549 to £4,279 ($5,176).

The information was released as part of Ofgem’s quarterly update to the energy price cap for the period of January 1 through March 31, 2023.

“Ofgem continues to protect consumers through its ongoing robust regulation of the market, taking enforcement action where necessary and providing support to those who need it the most,” the regulator said in a statement.

It added that the price cap for the first three months of next year will increase for dual fuel households paying by direct debit based on typical consumption, however, bill-payers will still be protected by the Government’s Energy Price Guarantee until the end of March 2024, as confirmed by the Chancellor Jeremy Hunt last week.

The price cap was introduced to protect customers from overcharges but has led to many energy suppliers going under as they could not reflect rising energy prices on customers’ bills.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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