UK households face 80% rise in energy bills as regulator raises price cap to over $4,000

Britain’s energy regulator Ofgem has announced an 80% jump in its price cap for domestic energy. Households will see their bills soar by more than $4,000 annually. Ofgem said the increase is driven by the fast rising costs of wholesale gas and electricity. Prices have surged since Russia curtailed gas exports to Europe after invading Ukraine, driving UK inflation to a 40-year high. The price cap has more than tripled in the last two years, and there have been warning signs that it could go beyond $8,000 by March 2023.

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