Price cap on British energy bills to rise 6.4% in April, squeezing households – business live | Business

February 24, 2025

Introduction: Energy Price Caps Set Today

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The UK's cost of living could tighten households today if the energy bill rises again this spring.

ofgemthe energy regulator is expected to announce the latest price cap on costs in energy units at 7am, and analysts expect the cap to rise due to recent rises in wholesale gas and electricity prices.

consulting Cornwall Insight We calculate the data and estimate that the quarterly cap will increase by 5%. This increases the typical annual household energy bill from around £85 to £1,823 per year. It currently costs £1,738 per year.

The government is concerned about the risk of an increase in energy bills.

Last week, a Whitehall source told the Guardian he hopes the bills in England, Scotland and Wales will increase by around £9 a month over the next three months.

Thie urged Ed Miliband's energy secretary to write an urgent letter to Ofgem.

The Energy Price Cap sets the maximum value that a supplier can charge for an energy unit (There is no cap on how expensive your bill will be).

Agenda

7am GMT: Energy Regulator of Games announces UK energy price caps from April to June
7am GMT: Final estimate of German GDP for the fourth quarter 2024
9:45am and 2:30pm GMT: Congress's Science, Innovation and Technology Committee is holding hearings on social media, misinformation and harmful algorithms.
10am GMT: Environment, Food and Rural Issues Select Committee Questions Southwest Water and Yorkshire Water

Newsflash: The energy price cap on bills across Great Britain will rise by 6.4% in April, regulator Ofgem has announced.

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This will lift the average annual cost of electricity and gas for a typical household to £1,849 per year, up from £1,738.

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This is the third consecutive hike in the cap on gas and electricity charges, and a little higher than analysts had expected.

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Here are the details, just released by Ofgem:

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“Table showing the latest energy price cap”, “Caption”: “Table showing the latest energy price cap”, “Credit”: “Illustration: ofgem “}}], “attribute”: {“pinned”: false, keyevent”: true, “summary”: false}, “blockcreatedon”: 1740466185000, “blockcreatedondisplay”: 01.49 est”, “blocklastupdated”: 1740466917000, “blocklastdateddisplay”: ” 1740466917000 “02.01 est “, ” blockfirstpublished “: 1740466843000,” blockfirstpublisheddisplay “:” 02.00 est “, “blockfirstpublisheddisplaynotimezone “:” 02.00 “, “title”:[]”PrimaryDateline”: “February 25, 2025 02.01 EST”, “DecdaryDateline”: “February 25, 2025 01.36 EST”}, {” ID “:” 67BCC6E88F08F637C9747E22″,” Elements:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

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Britain’s cost of living squeeze could tighten today when households if energy bills will rise again this spring.

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Ofgem, the energy regulator, is due to announce the latest price cap on the cost of a unit of energy at 7am, and analysts expect the cap to go up, due to recent increases in wholesale gas and electricity prices.

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Consultancy Cornwall Insight have crunched the data, and estimate the quarterly cap will rise by 5%. That would increase the typical annual household energy bill about £85 to £1,823 per year – it’s currently £1,738 per year.

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The government is concerned about the risk of rising energy bills pushing up inflation.

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Last week, a Whitehall source told the Guardian they expected bills in England, Scotland and Wales to increase by about £9 a month over the next three months in another challenge to government plans to tackle the cost of living.

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Thie prompted energy secretary Ed Miliband to write an urgent letter to Ofgem, saying the price rise means the energy regulator must move faster to protect consumers.

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The energy price cap sets the maximum that a supplier can charge for a unit of energy (there’s no cap on how high a bill can go).

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The agenda

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7am GMT: Energy regulator Ofgem announces UK energy price cap for April-June

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7am GMT: Final estimate of German GDP for Q4 2024

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9.45am and 2.30pm GMT: Parliament’s Science, Innovation and Technology Committee holds hearings into social media, misinformation and harmful algorithms.

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10am GMT: Environment, Food and Rural Affairs Select Committee questions South West Water and Yorkshire Water

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Important Events

Energy price cap rises 6.4%

NewsFlash: Ofgem announced that the energy price cap on bills across the UK will rise by 6.4% in April.

This increases the average annual electricity cost of a typical household from £1,738 to £1,849 a year.

This is the third consecutive increase in gas and electricity bill caps, a little higher than analysts had expected.

Here are the details of Ofgem's just released:

Table showing the latest energy price cap Illustration: Ofgem

Jasper Jolly

The expected increase in energy bills in April will help boost the costs of the global energy crisis caused by Russia's invasion of Ukraine to £3,000 by summer against average British households Masu.

The UK average annual bill based on the latest energy price cap is projected to be around £750 higher than the pre-invasion winter of 2020-21, a 75% increase. group.

The cumulative sacrifice of price increases over the past four years is £3,033, the group said.