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Energy Bills Could Rise Faster With Ofgem Shift

4th August 2022

GMB, the energy union, said that the change in the frequency of the price cap update will create unnecessary uncertainty for households.

The regulator OFGEM said today [Thursday 4 August 2022] that the price cap, which is currently in place for six months, will be changed so that it can be updated every three months.

Andy Prendergast, GMB National Secretary, said, "This change will create unnecessary uncertainty for households.

"Although in theory this allows for bills to fall more quickly as a result of changes in the energy market, it also allows bills to be raised at a faster rate.

"Prices are forecast to go up in the medium term, meaning that struggling households are likely to see bills rise even faster.

"As prices rise, the Government must shoulder responsibility for its failure to tackle the difficult questions over gas storage and investment in new nuclear.

"Ministers and OFGEM should be providing customers with support and certainty - instead, this announcement will lead to real worry that those just about managing will be tipped over the edge."