In news that will undoubtedly affect the pockets of millions of UK households, it has been announced that the energy price cap has risen as expected (a whopping 54%), and with it will come significant hikes on heating bills.
With the cost of living rising, it’s no surprise that many people will be worried about their heating bills this winter.
Energy prices have risen as expected. The government said it will offer a £350 support package to the majority of households that would otherwise struggle to pay their bills, but the news of rising energy costs will still be difficult for millions of households to swallow.
The regulator Ofgem announced that the ‘average’ bill is set to rise by £350, though individual firms will be able to hike prices by as much as £700
Here’s what energy regulator Ofgem had to say: it’s pretty grim;
“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.
“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.”
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