The UK’s energy watchdog has unveiled plans to lift the energy price cap from April next year in order to help suppliers recover nearly £3billion in bad debts from customers struggling to pay bills.
Ofgem said it is proposing a one-off price cap adjustment of £16, equivalent to about £1.33 a month, to be paid between April 2024 and March 2025.
It comes as energy prices stay high and debt has reached its highest-ever level, according to new figures from the regulator.
Last month, Ofgem set the price cap from the current £1,834 for a typical dual fuel household to £1,928 from January 1.
More to follow…
