Ofgem announced on Friday (August 26) that the energy price cap will rise to £3,539, resulting in an 80 per cent rise in bill costs.
It means around 24 million households in England, Scotland, and Wales on default energy tariffs will see their bills rise dramatically from October 31. The new energy price cap will remain in place until December 31, where it will be expected to rise once again.
The new price cap is defeating news for many vulnerable and struggling households who are already finding difficulty dealing with the financial hardships of the worsening cost of living crisis. The rising costs come amid record-high global gas prices which have mainly been attributed to the Russian invasion of Ukraine.
