Misery for millions as energy price cap to rise AGAIN by £800 to £2,800, Ofgem boss says

manchestereveningnews.co.uk:

Energy executives have confirmed that the energy price cap will once again be rising in October amid an already soaring cost of living crisis.

Ofgem chief executive Jonothan Brearley has told the Business, Energy and Industrial Strategy Committee that the regulator is expecting an energy price cap "in the region of £2,800".

He noted how conditions have worsened in the global gas market. The main issue concerning the global market appears to be Russia's invasion of Ukraine, according to the executive. “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," he said. Read more: Mum-of-five has to choose between food and heating after energy bills soar to £760 a month “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.