Energy price cap rises 4%, adding £60 to annual bills

Ofgem has confirmed that the energy price cap for Great Britain will rise by 4% from October 1, pushing up annual bills for millions of households as the winter heating season begins. The new cap, which will be in place until December 31, means a typical household on a standard tariff paying by direct debit will see annual costs increase from £1,663 to £1,723, an additional £60 per year or £5 per month. The regulator stated the increase reflects higher wholesale gas prices driven by the ongoing conflict in the Middle East, with volatile global markets remaining the dominant factor.