Energy price cap to rise in October as cost-of-living crisis worsens
Ofgem chief executive Jonathan Brearley has told MPs the regulator is expecting an energy price cap in October “in the region of £2,800”. The energy regulator said it expects the cap to rise 42 per cent from its current level of £1,971. The news comes after Ofcom proposed to review the price cap every three months, instead of twice a year, in an attempt to bring down prices sooner. Last month, the cap increased by 54 per cent, from £1,277 in October 2021. “The price changes are genuinely a once-in-a-generation event not seen since the oil crisis in the 1970s,” Brearley told MPs on the BEIS Committee. Brearley warned that this increase in UK residents’ energy bills may double the number of people in fuel poverty - defined as households that spend over 10 per cent of their disposable income…