The energy price cap has increased by 4% to £1,723, taking effect from 1 October. This rise follows significant bill increases over the summer and ongoing cost-of-living pressures for households, according to Energy UK.
Ned Hammond, Energy UK’s Deputy Director of Policy (Customers), stated that urgent action is needed, citing wholesale gas prices at a three-year high and projected energy debt reaching £7 billion by the end of 2026. Energy UK has called on the Government to provide additional targeted support for households most in need this winter.
The organisation also urged the Government to address how to reduce bills over the longer term, suggesting that accelerating electrification could protect UK households and businesses from future price shocks and enhance energy security. Energy UK advises anyone struggling with bills to contact their supplier for available support.