British households will face an 80 percent rise in energy prices by October, the UK energy regulator Ofgem has warned.
Ofgem announced on Aug. 26 that the energy price cap for around 24 million households in England, Scotland, and Wales will rise by 80.06 percent on Oct. 1, sending the average household’s yearly bill from £1,971 to £3,549 ($4,200).
“The increase reflects the continued rise in global wholesale gas prices, which began to surge as the world unlocked from the COVID pandemic and have been driven still higher to record levels by Russia slowly switching off gas supplies to Europe,” said the regulator.
It warned that “prices could get significantly worse through 2023.”…