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Ofgem to Reveal July Energy Price Cap as Bills Set to Rise
Cornwall Insight forecasts a £209 annual increase as higher wholesale gas costs and Middle East disruption push bills up.
- On Wednesday, Regulator Ofgem will reveal the annual energy price cap for July to September for typical dual fuel households across England, Scotland, and Wales.
- Energy costs have surged after Iran blocked the Strait of Hormuz, a critical shipping route through which a fifth of the world's oil and gas passes.
- Analysts Cornwall Insight predicted last week the cap will rise by £209 to £1,850 from July 1, a 13 per cent increase from April's £1,641 annual rate.
- Chancellor Rachel Reeves stopped short of immediate energy measures, though the Government insisted "tackling the affordability crisis is our number one priority." Campaigners warned of an "extremely difficult winter."
- Infrastructure damage means the October cap will likely remain high even if the Middle East conflict ends soon. Simon Francis, co-ordinator of the End Fuel Poverty Coalition, urged immediate Government action before winter.
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UK energy bills to rise as Mideast war impacts households
British energy bills are set to rise this summer, the sector regulator announced on Wednesday, as the Middle East war drives wholesale gas prices higher.The US-Iran conflict, with its effective months-long closure of the crucial Strait of Hormuz, has sent oil and gas prices soaring and raised concerns about a fresh spike in inflation.Energy market...
Coverage Details
Total News Sources27
Leaning Left10Leaning Right4Center7Last UpdatedBias Distribution48% Left
Bias Distribution
- 48% of the sources lean Left
48% Left
L 48%
C 33%
R 19%
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