Millions of households are set to see their energy bills rise due to the Middle East conflict after the new energy price cap kicked in on Wednesday.
The regulator Ofgem’s price cap sets the maximum amount firms can charge homes on standard tariffs per unit of gas and electricity.
Based on the new cap on gas and electricity rates, the average bill will increase by £221 to £1,862 a year in July, up from £1,641 in April.
Shorts
While Ofgem is updating its definition of a typical consumer from July to reflect falling household energy use, which adjusts the headline figure to £1,654, analysts at Cornwall Insight said that represented “little change” on a like-for-like basis.
