The government’s price cap will take effect on 1st January, but Ofgem has just admitted that energy prices are likely to rise within 3 months of the cap taking effect.
Ofgem have noted that wholesale prices are 35% higher than last year and has stated “If this trend in underlying costs continues, it is likely that in February 2019 we will announce an increase in the level of the cap to take effect in April”.
Industry watchers warned that cost pressures on suppliers could drive up bills for domestic consumers by 5%, or about £60, by next April.
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