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03.02.2022 - 14:37 / manchestereveningnews.co.uk
The energy price cap will rise by 54 per cent from April this year, Ofgem has announced.
The rise will see average annual bills rise by around £693 to as much as £1,971 for standard tariff customers and £2,017 for prepayment meter customers.
The energy regulator sets a new price cap - the maximum amount suppliers are allowed to charge their customers - every six months, and it affects around 22 million homes across England, Wales and Scotland.
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Soaring wholesale gas prices have seen energy companies struggle to stay afloat under the current price cap, with many smaller suppliers going under in recent months.
The rise, which follows an 12 per cent rise last October, will come into force from April 1, when the price cap on energy bills is updated for the next six months.
Ofgem chief executive Jonathan Brearley said: “We know this rise will be extremely worrying for many people, especially those who are struggling to make ends meet, and Ofgem will ensure energy companies support their customers in any way they can.
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“The energy market has faced a huge challenge due to the unprecedented increase in global gas prices – a once in a 30-year event – and Ofgem’s role as energy regulator is to ensure that, under the price cap, energy companies can only charge a fair price based on the true cost of supplying electricity and gas.
“Ofgem is working to stabilise the market and over the longer term to diversify our sources of energy which will help protect customers from similar price shocks in the future.”
Chancellor Rishi Sunak is expected to outline new financial measures to support households struggling with rising
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Up and down the country people are preparing to tighten their purse strings thanks to the news of the energy cap rising by up to 54% in April.
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Martin Lewis has been praised by viewers for challenging Chancellor Rishi Sunak about support measures the UK Government has announced to help millions of households across the country cope with the “sickening” rise in energy prices coming in April.
It was announced today that the energy price cap will rise by 54 per cent in April.
Residents face massive energy bill hikes of around £700 in a “devastating blow” for families across Dumbarton and the Vale.
Household energy bills are set to rocket this year with the energy price cap set to rise by 54% in April.
Households can expect to pay an additional £693 on their annual energy bills from April this year.
The government will help around 28 million households this year, Chancellor Rishi Sunak has said, as energy bills skyrocket.
The £693 rise in energy bills this April will be a “hammer blow” for Scottish households, consumer campaigners and politicians have warned.