(qlmbusinessnews.com via theguardian.com – – Thur, 3rd Feb 2022) London, Uk – –
Move by Ofgem means millions likely to be driven into fuel poverty unless government acts to ease cost of living crisis
Households will face a record energy bill increase of 54% from April after the regulator lifted the cap on default tariffs to £1,971.
The energy regulator, Ofgem, lifted the maximum rate that suppliers can charge for an average dual-fuel energy tariff by £693 , to reflect the fourfold increase in energy market prices over the last year.
The news came as the government prepared to announce a package of measures to counter the cost of fuel bills for poorer households.
The second major increase in energy bills in six months, and the largest on record, is expected to drive millions of households into fuel poverty for the first time.
The price cap increase is calculated by Ofgem based on the costs faced by suppliers, including buying energy from the wholesale market and levies for maintaining energy network infrastructure and renewable energy projects.
By Jillian Ambrose
