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Ofgem Raises UK Energy Price Cap by 10% to £1,717, Impacting Pensioners
Aug 23, 2024, 06:07 AM
The UK's energy regulator, Ofgem, has announced a 10% increase in the energy price cap, effective from October 1, 2024. This change will raise the typical annual household energy bill from £1,568 to £1,717. The increase comes as wholesale gas prices rebound amid geopolitical tensions, affecting millions of households across England, Scotland, and Wales. The rise in energy costs coincides with the impending loss of winter fuel payments for millions of pensioners, potentially exacerbating financial challenges for vulnerable groups. The decision marks the steepest increase in the energy price cap since 2022, as energy companies aim to recover costs while making a small profit.
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