Millions of Britons Face Higher Energy Bills Due to Soaring Wholesale Prices
Millions of Britons will pay higher energy costs from April after regulator Ofgem said its domestic price cap would rise 6.4% due to soaring wholesale energy prices, taking the annual cap to £1,849 for average use of electricity and gas. Household energy debt nears £4 billion; debt relief mulled, with campaign groups calling on the government to offer more support for vulnerable households. The new cap is higher than expected, with analysts previously forecasting a rise of around 5%.
- This significant increase in energy costs will disproportionately affect low-income households and those struggling with debt, highlighting the need for targeted support measures.
- As wholesale energy prices continue to fluctuate, what role should governments play in stabilizing these markets to prevent similar price shocks in the future?