The UK energy cap is set to rise to 80 per cent to £3,549 a year

Energy costs for UK consumers will rise by 80% from October, regulator Ofgem said on Friday, taking average annual household bills to £3,549 ($4,188).

Jonathan Brearley, chief executive of fgem, said the surge will have a “massive impact” on households across the UK and a further surge is likely in January, reflecting significant price pressures in energy markets.

He said the government must provide more help to households.

“The government’s support package is currently providing aid, but it is clear that the new prime minister must act further to deal with the impact of price hikes in October and next year,” he said.

“The response must be proportionate to the scale of the crisis we face.”

Finance Minister Nadhim Zahawi said he was working on a plan to be ready for the next government, which will be appointed when either Liz Truss or Rishi Sunak become prime ministers on September 5.

Ofgem said there were no January forecasts for when a new cap would come into effect because the market remained too volatile, but it said the market for gas in the winter meant prices could get “significantly worse” into 2023.

Energy bills have skyrocketed this year after wholesale gas and electricity prices, which had already risen in the wake of the pandemic, soared following Russia’s invasion of Ukraine and Moscow’s move to restrict gas exports to Europe .

The new average electricity and gas bill for 24 million homes means energy bills will have almost tripled since October last year when they averaged £1,277, a key factor in inflation rising to a 40-year high . The UK energy cap is set to rise to 80 per cent to £3,549 a year

Fry Electronics Team

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