More misery is in store as energy executives confirm that the energy price cap will once again be rising in October amid an already soaring cost-of-living-crisis for hard-pressed West of England families.
Ofgem chief executive Jonothan Brearley told the Commons Business Committee that the regulator is expecting an energy price cap “in the region of £2,800” because of the volatile gas market.
Mr Brearley told the committee the price cap would rise by almost £1,000 from the current cap which stands at £1,971 and applies until the end of September. The current cap came into effect at the beginning of April and was a £693 increase from the previous cap six months earlier.
This means come October energy bills for the average West of England household will have increased by a whopping 119% in just over six months.
Metro Mayor Dan Norris said: “This will cause enormous worry for households throughout the West of England already facing soaring bills and struggling to make ends meet as a result. How many more alarm bells do the Tories need before they act in the interests of working families? It is clear that enough is enough. We need an emergency budget now, with a windfall tax on oil and energy giants to lower bills”.