Household energy bills to rise for winter as Ofgem lifts price cap

The average household energy bill is to increase by 10% from October after Ofgem said it was increasing its price cap as households approach the winter months.

The regulator announced it is hiking its price cap from the current £1,568 for a typical household in England, Scotland and Wales to £1,717, adding around £12 a month to an average bill.

However, it is around £117 cheaper than the cap in October last year, which was set at £1,834.

Ofgem said rising prices in the international energy market, due to heightened political tensions and extreme weather events, was the main driver behind the decision.

Jonathan Brearley, the chief executive of Ofgem, said: “We know that this rise in the price cap is going to be extremely difficult for many households.

“Anyone who is struggling to pay their bill should make sure they have access to all the benefits they are entitled to, particularly pension credit, and contact their energy company for further help and support.”

He also urged consumers to “shop around” and consider opting for a fixed-rate tariff that could save people money.

Published: 23/08/2024 by Radio NewsHub