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Ofgem energy price cap to rise to highest level since January 2024, final forecasts claim
Ofgem's energy price cap is set to rise to its highest level since January 2024, marking the third consecutive increase. Cornwall Insight forecasts an average energy bill increase of 5% to £1,823 from April, up £85 from the current £1,738. This rise, while at the lower end of previous estimates, is attributed to cold weather and low gas storage levels in Europe. Ofgem has confirmed a further increase in gas prices, with the official cap announcement expected on 25 February. Energy Secretary Ed Miliband has urged Ofgem to protect consumers, while a government spokesperson emphasized the need for clean energy to reduce long-term costs and improve security. National Energy Action warned of continued financial pressure on households.
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