The price cap on how much energy suppliers can charge households will now be reviewed every three months from 1st October 2022, instead of every six months, regulator Ofgem has confirmed. This means after October energy bills could rise again in January 2023.
The price cap sets a limit on the maximum amount suppliers can charge customers on standard tariffs for each unit of gas and electricity used and sets a maximum daily standing charge.
Jonathan Brearley, chief executive of Ofgem, said: “I know this situation is deeply worrying for many people. As a result of Russia’s actions, the volatility in the energy markets we experienced last winter has lasted much longer, with much higher prices than ever before. And that means the cost of supplying electricity and gas to homes has increased considerably.”
