
Ofgem chief executive Jonathan Brearley has told MPs the regulator is expecting an energy price cap in October “in the region of £2,800”.
Mr Brearley told the Business, Energy and Industrial Strategy Committee: “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.