Britons face faster energy price rises under quarterly price cap review

twice a year instead of smaller ones four times a year. If wholesale prices fall then consumers would overpay for months, but if they rise suppliers sell gas at a loss for months.Ofgem said it will publish its next price cap level at the end of August.

The Bank of England expects the cap on consumer energy bills to rise to around 3,500 pounds, Governor Andrew Bailey said on Thursday, August 4, citing conversations with the energy regulator Ofgem. “Prices are forecast to go up in the medium term, meaning that struggling households are likely to see bills rise even faster,” said Andy Prendergast, national secretary of the GMB energy union.fuel povertyLast May, the government set out a 15-billion-pound package of support for households, saying each home would receive a 400-pound energy bill credit when the price cap rises in October, but the forecast price rise then was lower.– Rappler.

Source: News Formal (newsformal.com)

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Puregold’s net income increased by 5.4% to P4.2b in first halfGrocery chain operator Puregold Price Club Inc. said Monday consolidated net income rose 5.4 percent in the first half to P4.2 billion from P4 billion in the same period last year amid increased shopper confidence. Read more:
Source: MlaStandard - 🏆 20. / 55 Read more »

Toyota Updates Fortuner For 2023 | CarGuide.PH | Philippine Car News, Car Reviews, Car Prices
Source: carguideph - 🏆 16. / 63 Read more »

Nissan Reveals Specs, Variants, Prices Of 2023 Kicks E-Power Compact Crossover | CarGuide.PH | Philippine Car News, Car Reviews, Car Prices
Source: carguideph - 🏆 16. / 63 Read more »

Maxus Drops G50 Prices Back To Pre-2022 Levels | CarGuide.PH | Philippine Car News, Car Reviews, Car Prices
Source: carguideph - 🏆 16. / 63 Read more »

Price of sugar hits P100 a kiloThe retail price of refined sugar in various local markets has reached P100 a kilo, based on the latest monitoring of the Department of Agriculture (DA) on Thursday, August 4,...
Source: TheManilaTimes - 🏆 2. / 92 Read more »

China warns that its temperatures are rising faster than global average - BusinessWorld OnlineSHANGHAI — China’s average ground temperatures have risen much more quickly than the global average over the past 70 years and will remain “significantly higher” in the future as the challenges of climate change mount, a government official said.
Source: bworldph - 🏆 9. / 68 Read more »