Published On: Tue, May 24th, 2022

Energy price cap expected to soar to ‘region of £2,800’ in October, Ofgem chief announces | Personal Finance | Finance

During his appearance in front of the committee, Mr Brearley apologised on behalf of Ofgem for not doing enough to prevent the price cap from reaching this amount.

In October 2021, the energy price cap sat at £1,277 which means households will likely see their bill double within the space of one year.

On top of this, the regulator head warned that energy bills are very likely to go even higher than this staggering figure.

The Ofgem chief executive added: “We’re in the very early stages of this, that number will undoubtedly go up.”

Energy bill increases are being compounded by the growing rate of inflation which hit a 40-year high of nine percent last week.

As a result of the April increase, there are 6.5 million people in fuel poverty.

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