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UK Energy Bills Soar as Ofgem Hikes Price Cap Amid Iran Conflict

Guavy AI Editorial Team
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UK energy bills are set to reach a three-year high as higher gas prices due to the Iran conflict have prompted Ofgem, the UK energy regulator, to raise the energy price cap by 4% for October through December.

The latest increase in the price cap was widely expected, with Cornwall Insight predicting last week that Ofgem would raise it by 4%.

According to Ofgem, high international gas prices are continuing to drive energy costs in the UK, and this increase reflects higher wholesale gas prices amid the ongoing conflict in the Middle East.

The current price cap for a typical household paying by direct debit for gas and electricity is $2,268.

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