Higher energy bills 'almost inevitable' says Ofgem
Households are heading for an "almost inevitable" rise in energy bills in the autumn, the boss of energy regulator Ofgem has said.
Spikes in wholesale gas prices, which were rising even before Russia's invasion of Ukraine, will be passed on to consumers, Jonathan Brearley said.
He called for the shift to green energy to speed up the move away from gas.
The UK government has previously said the energy price cap would "insulate" customers from gas price rises.
Mr Brearley warned in a speech that the gas price volatility caused by Russia's invasion of Ukraine would lead to higher costs being passed on to consumers.
"While it is too early to predict what the price cap will be in October, a price increase is almost inevitable," he said.
The energy price cap is the maximum amount that suppliers in England, Scotland and Wales can charge customers for each unit of energy.
It is set to rise in April when millions of households will face an increase in average energy bills of nearly £700.
In October, the price cap will be reset, and Ofgem warned last week that average bills could reach £3,000.
- Graham + Sibbald Open Dunfermline Office
- Why Should Companies Make the Move to Electric Cars?
- Something for Everyone at Blair Horse Trials 2022
- Blackadders LLP Employment Law Team Shortlisted for the Scottish Legal Awards
- Scotland’s Onshore GDP Decreased by 0.5% in April
- Energy Bill and Tax Rebate Scams on the Rise
- Steel import tariffs extended for two years
- MSPs Back Making Emergency Covid Powers Permanent
- Inflation pushes UK government interest costs to May record
- Second 24-hour rail walkout after talks collapse
- British Airways Heathrow staff back summer strikes over pay
- People cut back on food shopping as price rises bite
- New £2m fund to cut environmental impact of textiles
- New £200 million to back innovative agriculture projects
- Landlord warning over making Covid eviction laws permanent
- G7 Leaders detail $600bn plan to rival China's Belt and Road initiative
- Independent report into funding for tax and welfare devolution
- Scottish councils given powers to run own bus services
- Royal Mail workers to vote on strike over pay
- Scottish film industry projected to grow to £1 billion by 2030
- Scottish Government announces £10m investment in net-zero energy
- 19 October 2023 proposed as date for second Scottish Independence Referendum
- Great Perthshire Festival 2022
- Courier Awards