Energy Price Cap To Be Even Worse Than Expected To Rise To £2800

24th May 2022

The energy price cap is expected to hit an al time high from £1,971 to £2,800 a year in October 2022, the boss of Ofgem has told MPs.

The energy regulator's chief exective Jonathan Brearley told the the Business, Energy and Industrial Strategy Committee he will write to Rishi Sunak, informing the chancellor he expects the cap to be "in the region of £2800.

The cap which applies until 31 September is currently £1,971 a year, which was itself a 54% or £693 rise from the previous cap six months earlier.

He said: "I'm afraid to say conditions have worsened in the global gas market, with Russia's invasion of Ukraine.

As part of the cost of living increases it will add to many prices in shops along with other price rises.