Energy bills are set to rise yet further, by an eye-watering £830 per year, the head of Ofgem has said. Jonathan Brearley, the energy regulator's CEO, told MPs today that he expects the price cap to rise to "in the region of £2,800" per year.
Speaking to the House of Commons' business, energy, and industrial strategy committee, Brearley said: "I'm afraid to say conditions have worsened in the global gas market with Russia's invasion of Ukraine. Gas prices are higher, and highly volatile."
"At times, they've now reached over 10 times their normal level. 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.
