Energy price cap to rise by £830 to £2,800 in October, Ofgem chief warns

dailyrecord.co.uk:

Energy bills could sky-rocketto £2,800 in October for millions of households, the energy regulator Ofgem has warned.Jonathan Brearley, chief executive of the pricing watchdog, is writing to Chancellor Rishi Sunak forecasting that the price cap for gas and electricity could rise from £1,971 now.He told the Commons business committee: “I know this is a very distressing time for customers.“But I do need to be clear with this committee, with customers and with the Government about the likely price implications for October.“Therefore later today, I will be writing to the Chancellor to give him our latest estimate of the price cap uplift.“This is uncertain, we are only part way through the price cap window, but we are expecting a price cap in October in the region of £2,800.”He added: “I am afraid to say conditions have worsened in the global gas market since Russia’s invasion of Ukraine.

Gas prices are higher and highly volatile. At times they have now reached over 10 times their normal level."“The price changes we have seen in the gas market are genuinely a once-in-a-generation event not seen since the oil crisis of the 1970s.”Boris Johnson has been under pressure from Labour and many backbench Tory MPs to to more to help people cope with rising prices.The Prime Minister has said there would be further help to deal with the cost of living crisis, but has yet to set out what that would be and when.The Prime Minister and chancellor have resisted Labour calls for a windfall tax on energy companies to give £600 to households struggling to pay bills this winter.Downing Street acknowledged that energy prices were a “significant challenge”.The Prime Minister’s official spokesman said some of the help from the Government was “phased