UK energy bills to rise 13%/ Ofgem removes cap to reflect higher gas prices
British households, already squeezed by the cost of living, will face energy bills reaching an average of £1,862 a year from July after regulator Ofgem raised the maximum price by 13%, blaming rising wholesale gas prices due to the conflict in the Middle East.
The increase from the regulator, a non-ministerial government department, comes as Prime Minister Keir Starmer is under intense pressure to ease some of the economic fallout he has said is from the war.
"Today's price change reflects the ongoing volatility in global energy markets. This means that higher wholesale gas prices, driven by the ongoing conflict in the Middle East, are affecting the price we pay for energy," Ofgem's chief executive said in a statement.
Wholesale energy prices are the biggest contributing factor to Ofgem's domestic price cap, which is set quarterly using a formula that also reflects suppliers' network costs and environmental and social levies.
The new cap of £1,862 per year for average electricity and gas usage is around £221 higher than the previous cap for April-June of £1,641 per year.
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