Britain's Ofgem reveals 10 percent surge in household energy bills, increasing fuel poverty fears
Date
8/25/2024 6:02:17 AM
(MENAFN) Britain's energy regulator, Ofgem, has announced a 10 percent increase in the price cap for electricity and gas starting this October, which will add approximately £12 to the average monthly bill. This rise follows a period of falling energy prices after the peak levels driven by the Russia-Ukraine war. Despite previous reductions in the price cap in April and July, the new adjustment will push annual household energy bills up by about £1,717. Ofgem, which reviews and sets the price cap every three months, attributed the increase to elevated international energy prices influenced by geopolitical tensions and extreme weather events impacting gas supply.
Although the upcoming increase will still be 6 percent lower than the same period last year and about half of the peak prices seen during the 2022 energy crisis, the rise is expected to exacerbate fuel poverty. National Energy Action, an organization dedicated to combating energy poverty, has warned that this adjustment could push an additional 400,000 British households into fuel poverty this winter, raising the total number of affected households to six million. This situation intensifies the ongoing cost of living crisis, highlighting the continued financial strain on many households.
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