On October 1, the cap will go into effect for the roughly 24 million households in England, Scotland, and Wales with default energy tariffs. It will stay in effect until December 31, at which point it will be raised once more.
The chief executive of Ofgem has asked the next Prime Minister to do more to address the effect of rising energy prices in light of the announcement of the price cap increase of more than 80%.
According to Jonathan Brearley, the Government would need to increase the assistance it had already announced in May, when bills were only anticipated to increase by £2,800.
“The Government support package is delivering help right now, but it’s clear the new prime minister will need to act further to tackle the impact of the price rises that are coming in October and next year,” Mr Brearley said.
“We are working with ministers, consumer groups and industry on a set of options for the incoming prime minister that will require urgent action.”
“The response will need to match the scale of the crisis we have before us. With the right support in place and with regulator, government, industry and consumers working together, we can find a way through this.”