Households across the UK will see their energy bills climb by £221 annually from Wednesday, though there is growing optimism that further price hikes in October could be avoided. Ofgem’s price cap is set to increase by 13 per cent, or £18 a month, from 1 July, pushing the average annual electricity and gas bill to £1,862.
This significant rise was initially fuelled by soaring global energy costs, largely due to the Middle East conflict. The situation intensified when Iran, in response to US and Israeli attacks, blocked the critical Strait of Hormuz, a passage through which a fifth of the world’s oil and gas is transported.
