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Millions of households to see higher energy bills this autumn

Millions of households to see higher energy bills this autumn

It follows a review of the energy price cap by the regulator OFGEM

Regulator OFGEM have announced that energy bills for 15 million households will increase by at least £139 from October because of a rise in wholesale energy prices.

Ofgem reviews and changes the price cap once every six months – it will rise from 1,138 to 1,277 pounds.

The annual cap is calculated based on the usage of an average household. Energy suppliers are required to price below that cap, with most setting prices just a couple of pounds under.

Jonathan Brearley, chief executive of Ofgem, says: “Higher energy bills are never welcome and the timing and size of this increase will be particularly difficult for many families still struggling with the impact of the pandemic.

“The price cap means suppliers only pass on legitimate costs of supplying energy and cannot charge more than the level of the price cap, although they can charge less.

“If you’re struggling to pay your bill you can get in touch with your supplier to access the help that’s available and, if possible, shop around for a better deal.”

Content provided by Radio NewsHub. Originally published on 2021-08-06 07:20:00.

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