U.K. energy regulator Ofgem said Friday that it has raised the country’s price cap by 80% to £3,549 a year, and warned that prices could get significantly worse through next year.
The new price cap for a dual-fuel, direct-debit customer represents a £1,578 increase from the current £1,971, reflecting significantly higher gas and power prices.Ofgem said earlier this month that the energy price cap will be updated quarterly going forward rather than every six months as was previously the case.
The change was intended to reduce the dislocation between wholesale and retail energy prices in Britain, which last year contributed to a large number of suppliers going bankrupt. The price cap reflects the actual cost of supplying energy to households.Write to Ian Walker at ian.walker@wsj.com
Not much of a price cap when they just raise it when they need to 😂😂
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