Energy price cap

Jonathan Brearley tells MPs price cap due to rise to about £2800, blaming soaring cost of wholesale gas and electricity.

Kwarteng defended the government’s role in the development of a gas market that one MP described as unstable and which has seen about 40 retail suppliers go bust. He also defended keeping Bulb’s chief executive, Hayden Wood, in place and maintaining his £250,000 salary while the government seeks a buyer. But the chancellor makes the decisions. The financial, social and health impacts are unthinkable.” Kwarteng said he disapproved of a windfall tax on energy companies. It will plunge households into deep, deep crisis.

Any increase will add to the stresses Britons are already feeling from the cost of living crisis - it would also increase pressure on Chancellor Rishi Sunak ...

Why some countries have lower energy bills than the UK Fuel stress is where at least 10% of a household's total expenditure is spent on energy bills. Earlier this month, the energy regulator said the price cap - the mechanism that sets a limit on the amount suppliers can charge for gas and electricity and on the daily standing charge - could soon be reviewed every three months, instead of every six months. "This is uncertain, we're only part-way through the price cap window, but we're expecting a price cap in October in the region of £2,800." "I know this is a very distressing time for customers, but I do need to be clear with this committee, with customers, and with the government about the likely price implications for October. Ofgem chief executive Jonathan Brearley told the Business, Energy and Industrial Strategy Committee that in October it will be "in the region of £2,800".

Ofgem chief executive Jonathan Brearley said the UK energy regulator is expecting an energy price cap in October 'in the region of £2,800'. The current cap is £ ...

Around 22 million customer pay for their energy using this price cap. ‘This is uncertain, we are only part way through the price cap window, but we are expecting a price cap in October in the region of £2,800. ‘I know this is a very distressing time for customers but I do need to be clear with this committee, with customers and with the government about the likely price implications for October. ‘Therefore later today I will be writing to the Chancellor to give him our latest estimates of the price cap uplift. It comes after the price cap already rose 54% in April, going up from £1,277 to the current level – an increase of £693 a year. Ofgem chief executive Jonathan Brearley said the UK energy regulator is expecting an energy price cap in October ‘in the region of £2,800’.

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What we are seeing in the recent months or you now for some parts of fertiliser it has tripled in cost. Nearly a quarter of consumers are already in debt to their supplier, and are facing financial pressures from all sides. Yes. A windfall tax on generators the right answer? The ambition should be to find ways of covering the entire price increase for people on the lowest incomes. She added: "In Russian-occupied Ukraine, the Kremlin's army is confiscating grain stocks and machinery... The protection of our values is more important than profit. It should direct Ofgem to introduce a below market rate social tariff into the energy market as soon as possible, so that the most vulnerable get the greatest protection. Many disabled people are already forced to commit a large amount of their income to energy costs. Ofgem said it will write to Chancellor Rishi Sunak to warn him of the rise. The energy regulator said it expects the cap to rise 42pc from its current level of £1,971. He says the increase will put 9.6m families in England in fuel stress this winter, meaning they'll spend more than 10pc of their budgets on energy. Sources say that the segment was already costly and complex to operate.