Britons warned energy bills could jump another 40% in October

div classBodysc17zpet90 cdBBJodivpBy Muvija Mp

pLONDON Reuters – Household energy bills in Britain look set to surge by another 40 in October, the industry regulator warned on Tuesday, deepening a costofliving crisis that is piling pressure on the government to do more to help the poorest. pdivdivdiv classBodysc17zpet90 cdBBJodiv

pOfgem said its price cap on the mostwidely used tariffs could reach 2,800 pounds 3,499 when it is next reviewed in October. p

pThat would be up 42 from the current 1,971 pound cap announced in April, which was itself a more than 50 rise on the previous level. p

p“We are only partway through the price cap window but we are expecting a price cap in October in the region of 2,800 pounds,” Ofgem Chief Executive Officer Jonathan Brearley told a Parliamentary committee. p

pIf confirmed, a cap of around 2,800 pounds would be higher than forecasts from Cornwall Insight, which had previously showed analysts expected it to rise to an average of 2,595 pounds a year.p

pAn increase would add to stresses Britons are already feeling from a spike in the cost of most essentials from food to fuel, ramping up the pressure on Prime Minister Boris Johnsons government to help ease the crisis.p

pGlobal gas prices soared last year when reopening of world economies from pandemic lockdowns caused demand to return sharply and supply could not keep up, while the war in Ukraine has pushed up prices further in 2022.p

p“The price changes in the gas market are genuinely a once in a generation event – not seen since the oil crisis in the 1970s,” Brearley said.p

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pp Reporting by Muvija M Editing by William James and Mark Potterp

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