Annual energy bills for British households would hit about $5,200 without emergency support, according to Ofgem
British energy regulator Ofgem has announced plans to hike its price cap for average household energy bills by nearly 21% to £4,279 ($5,172) a year from January to the end of March 2023.
Ofgem said the cap, which is currently being adjusted on a quarterly basis, will increase by £730 for the three months from the beginning of 2023. The hike came ahead of the government’s freeze at £2,500 until April.
“There is no immediate action for consumers to take as a result of today’s announcement,” the regulator said.
The announcement means London’s emergency intervention to keep a lid on energy bills will save an average household some £1,779 annually compared to what it would have had to pay without the cap.
The government-backed price guarantee, aimed at protecting households against the latest economic shock related to anti-Russia…
