Energy executives have confirmed that the energy price cap will once again be rising in October amid an already soaring cost of living crisis.
Ofgem chief executive Jonothan Brearley has told the Business, Energy and Industrial Strategy Committee that the regulator is expecting an energy price cap "in the region of £2,800". He noted how conditions have worsened in the global gas market.
The main issue concerning the global market appears to be Russia's invasion of Ukraine, according to the executive. “I am afraid to say conditions have worsened in the global gas market since Russia’s invasion of Ukraine. Gas prices are higher and highly volatile. At times they have now reached over 10 times their normal level," he said.
