UK Energy Bills Set for 10% Hike as Ofgem Announces New Price Cap on August 27th

In new reports Ofgem will announce a new energy price cap on 27th August which is expected to raise the average annual energy bill for dual fuel consumers to £1,723. This is a 10% increase from the current cap of £1,568, effective since July 2024. The hike is due to rising wholesale market prices influenced by geopolitical tensions and supply-demand imbalances.

The new cap will be in effect from the 1st October to the 31st December, 2024, and experts anticipate that the cap for the first quarter of 2025 will likely remain similar to the current quarter’s projections.

#EnergyPriceCap2024 #OfgemAnnouncement #DualFuelBillHike #WholesaleEnergyCrisis #EnergyBillUpdate2024

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