Energy prices have been rising faster this year than previously predicted, the chief executive of Britain’s energy regulator Ofgem has said.
Speaking to the Public Accounts Committee in the House of Commons on July 11, Jonathan Brearley said that energy prices appear higher than when Ofgem made its estimate.
He told MPs, “It’s clear given the pricing dynamics we’re seeing, given the ongoing impact of the Russian invasion of Ukraine, that there is positive pricing pressure there—as in prices are looking higher than they did when we made that estimate.”
In May, Ofgem predicted that the price cap would reach £2,800 ($3,320) when it is next changed in October. But experts are now expecting the cap to reach a figure of over £3,200 ($3,790)….