More than half of British households are set to see an increase in the cost of energy in April after the regulator, Ofgem, raised price caps.Ofgem sets maximum prices that can be charged for gas and electricity to those who have not switched suppliers and are on default tariffs. The new cap could see these households typically pay an extra £117 a year. The regulator is allowing suppliers to cover the higher costs they face on the wholesale market. "We can assure these customers that they remain protected from being overcharged for their energy and that these increases are only due to actual rises in energy costs, rather than excess charges from supplier profiteering," said Dermot Nolan, chief executive of Ofgem.
- Energy firms under investigation are handed new customers
- Winter likely to finish off some energy firms, analysts say
- Would you trust an auto-switching site for life?