Ofgem chief urges support amidst 5% energy price hike

Energy regulator Ofgem has announced a 5% increase in the energy price cap for the first quarter of 2024, resulting in a rise of £94 for an average household

Ofgem Chief Executive Officer Jonathan Brearley has called on suppliers to proactively identify and assist consumers facing financial challenges as the energy price cap sees a 5% increase for the first quarter of 2024.

Set to be effective from 1st January to 31st March 2024, this adjustment translates to a £94 annual rise for an average household paying through direct debit for dual fuel, equivalent to approximately £7.83 per month.

Jonathan Brearley said: “This is a difficult time for many people, and any increase in bills will be worrying. But this rise – around the levels we saw in August – is a result of the wholesale cost of gas and electricity rising, which needs to be reflected in the price that we all pay.

“It is important that customers are supported and we have made clear to suppliers that we expect them to identify and offer help to those who are struggling with bills.

“We are also seeing the return of choice to the market, which is a positive sign and customers could benefit from shopping around with a range of tariffs now available offering the security of a fixed rate or a more flexible deal that tracks below the price cap.

“People should weigh up all the information, seek independent advice from trusted sources and consider what is most important for them whether that’s the lowest price or the security of a fixed deal.”

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