Energy price cap to be updated every THREE months as price hikes expected

World News

Martin Lewis fumes at the 77% price cap increase on bills

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The energy price cap limits the amount a supplier can charge to those on a default tariff. It has been increasing in recent months, with many Britons fearful about what this means for their bills. 

Jonathan Brearley, the chief executive of Ofgem, said: “I know this situation is deeply worrying for many people.

“As a result of Russia’s actions, the volatility in the energy markets we experienced last winter has lasted much longer, with much higher prices than ever before. 

“And that means the cost of supplying electricity and gas to homes has increased considerably.”

Mr Brearley explained the changes today ensure the price cap “does its job”.

It enables Ofgem to make sure customers are only paying the real cost of their energy, as well as helping to adapt to the volatile market. 

He added: “We will keep working closely with the Government, consumer groups and with energy companies on what further support can be provided to help with these higher prices.”

More to follow…

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