UK’s Ofgem raises price cap on energy bills by 10%
- 23-Aug-2024
UK energy regulator Ofgem on Friday raised its price cap on household energy bills by 10% from Oct. 1 to an annual level of 1,717 pounds ($2,250.64), a jump blamed on severe weather events and conflicts such as the war in Ukraine. “Ultimately the price rise we are announcing today is driven by our reliance […]
UK energy bills to fall
- 23-Feb-2024
Most UK household energy bills will fall from April after regulator Ofgem cut its domestic price cap by 12.3% to its lowest level in more than two years. The drop, prompted by lower wholesale energy prices, will provide some respite for households struggling to contend with a cost of living crisis while also helping to […]
UK to lift energy bills
- 15-Dec-2023
Ofgem, Britain’s energy regulator, is planning a one-off increase to its price cap on energy bills to reduce the risk of suppliers going bust amid almost 3 billion pounds ($3.8 billion) of customer energy debt, it said on Friday. Soaring wholesale energy costs following Russia’s invasion of Ukraine led to record high energy prices last […]
UK energy bills to fall after Ofgem lowers price cap
- 26-Aug-2023
Millions of British households will have cheaper energy bills from October after British energy markets regulator Ofgem cut its price cap again to reflect a further fall in wholesale power and gas prices. Ofgem on Friday lowered its price cap on household energy bills by about 7% from Oct. 1 to 1,923 pounds ($2,418.56) a […]
UK households to get cheap energy bills
- 25-May-2023
Most British households, many feeling a cost-of-living squeeze, can expect cheaper energy bills from July after regulator Ofgem slashed its price cap to reflect a slump in wholesale costs. Britain has the joint-highest rate of inflation among the Group of Seven nations along with Italy and official data this week showed consumer prices rose 8.7% in annual […]
UK energy bills set to rise despite lower price cap
- 27-Feb-2023
British energy regulator Ofgem on Monday lowered its price cap on household energy bills from April, but it will offer little relief to consumers as costs continue to rise. Ofgem has lowered the cap to an annual level of 3,280 pounds ($3,925.18) for a typical dual-fuel household from the current 4,279 pounds, reflecting a recent […]
Britain borrows big again to ease energy shock
- 08-Sep-2022
Britain’s new leader Liz Truss capped soaring consumer energy bills for two years on Thursday in a package to limit the economic shock of war in Ukraine that could cost the country more than 100 billion pounds ($115 billion). With Britain facing a lengthy recession sparked by a near quadrupling of household energy bills, Truss […]
UK to set out $115 billion-plus plan to cut energy bills
- 08-Sep-2022
Britain’s new leader Liz Truss will cap soaring consumer power bills on Thursday and promote new sources of energy in an expected 100 billion pound ($115 billion)-plus package designed to limit the economic shock caused by the war in Ukraine. With Britain facing a lengthy recession sparked by a near quadrupling of household energy bills, […]
Liz Truss to freeze household energy bills for 18 months
- 06-Sep-2022
UK’s incoming prime minister Liz Truss is planning to freeze household energy bills at the current level for this winter and next, paid for by government-backed loans to energy suppliers, the BBC reported on Tuesday. “Energy companies would take out government guaranteed loans to bridge the gap between the wholesale price in the market and […]
UK energy bill help won’t lower inflation
- 31-Aug-2022
UK government energy bill rebates for households cannot be viewed as lowering inflation, official statisticians said on Wednesday, ruling out the possibility of a modest reduction to rates of price growth that are running at 40-year highs. Economists and bond investors had been looking closely at whether statisticians would classify the support packages as price […]