Energy price cap in UK raised to £3,549 per year - Breaking The News

Energy price cap in UK raised to £3,549 per year

26 August

1 min read

EPA-EFE/NEIL HALL

The price cap for energy in the United Kingdom will rise to £3,549 a year starting from October 1, which marks a significant rise in comparison to the increase of £1,971 a year imposed in April, the country's regulator, the Office of Gas and Electricity Markets (Ofgem), announced on Friday.

Ofgem Chief Executive Officer (CEO) Jonathan Brearley blamed Russia's military operation in Ukraine and decision to "deliberately" cut off its supplies of gas to Europe for "causing harm to our households, businesses and wider economy." He added that "it's clear the new prime minister will need to act further to tackle the impact of the price rises that are coming in October and next year."

The two remaining candidates for Britain's next prime minister, Foreign Secretary Liz Truss and former Chancellor of the Exchequer Rishi Sunak, both confirmed their plans to work to tackle the crisis during their potential tenure.

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