Energy bill warning to all UK households as Ofgem considers hiking price cap

Britain's energy watchdog may apply a one-off increase to the energy price cap in a bid to prevent suppliers collapsing.

This will reportedly "reduce the risk of energy firms going bust or leaving the market as a result of unrecoverable debt". The regulator warned that if action isn't taken, billpayers could face higher costs and worse standards as suppliers are at risk of collapsing due to debt levels.

“Ofgem cannot subsidise energy or force businesses to sell it at a loss and suppliers must be in a position to offer high-quality services to customers. We must consider the fairest way to maintain a stable energy market and we will do this in consultation with all our partners to ensure we are protecting the most vulnerable households.”

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