Energy Bills Could Increase By Another 40% In UK

Power & Energy

The people of the United Kingdom are now bracing for another large increase in the energy bills and the pressure is mounting on the government of the United Kingdom for imposing a windfall tax on the large suppliers for offsetting some of the pain.

Ofgem, energy regulator of the United Kingdom said that, the annual bills for the millions of households is likely going to increase by around another 800 pounds to 2,800 pounds later in 2022. This new increase is going to be kicking in the beginning of October 2022 when Ofgem is next adjusting the company’s price cap, which has been the maximum suppliers that can charge the customers per unit of energy.

In April 2022, Ofgem has raised the cap by an increase of 54 percent, which has been the largest increase since the company has started capping the prices five years ago. Jonathan Brearley, chief executive of Ofgem said, they are now expecting a price cap in the month of October 2022 in the region of 2,800 pounds.

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He also said that, the regulator had yet to complete the review of the regulator of the prices and the cap can still change but he has also acknowledged that it had been a very distressing time for the customers. The companies such as BP and Shell have been benefited from the increasing oil and natural gas prices across the globe caused by the invasion of Ukraine by Russia.

Sandy

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