Ofgem to unveil new energy price cap

Ofgem is set to reveal tomorrow the January price cap, potentially surging by £100

As households brace themselves for the announcement of the new price cap by Ofgem tomorrow, concerns loom over potential repercussions during the winter season.

Analysts note that a likely increase of around £100 in the price cap could amplify the strain on consumers grappling with energy bills, particularly during the coldest months.

Energy consultancy Cornwall Insight offers a bleak outlook, forecasting a further surge in prices come January 2024, reaching £1,931.

The consultancy has underscored the prolonged impact of the Covid-19 pandemic on energy costs, asserting that a return to pre-pandemic levels might remain elusive until the close of the decade.

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