UK Energy Bills to Rise 13% in July as Ofgem Price Cap Increases Due to Middle East Crisis
By
Tsvetana Paraskova
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Summary
UK energy regulator Ofgem has raised the price cap by 13% effective July 1, driven by higher wholesale gas prices linked to the Middle East crisis (Iran war). The price cap limits what suppliers can charge per kilowatt hour, protecting households from excessively high bills. The increase will apply from July 1 to September 30, impacting British households during the summer quarter.
Key quotes
· 3 pulledUK energy prices will jump by 13% from July 1 after energy regulator Ofgem on Wednesday raised the price cap as a result of higher wholesale gas prices amid the Middle East crisis.
The price cap is a limit on what suppliers can charge domestic consumers per kilowatt hour of energy used.
Because of the new energy crisis created by the Iran war, energy prices in Britain will jump between July 1 and September 30.
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