British homes will see their energy bills swell further this winter as the UK’s energy regulator Ofgem said on Thursday that it will announce another increase in the price cap later this month.
Ofgem also said it will revise the price cap—the maximum price suppliers can charge for a unit of energy—every three months instead of every six months to adapt to the volatile global energy market.
The notice period between the announcement and implementation of the new cap, which was eight weeks last time, is also expected to be shortened.
Announcing the change on Thursday, Ofgem CEO Jonathan Brearley said the cost of supplying electricity and gas had “increased considerably” following Russia’s invasion of Ukraine….