Martin Lewis fumes at the 77% price cap increase on bills
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The price cap announcement was made by Ofgem yesterday, with the regulator warning customers face a very challenging winter ahead. Cornwall Insight suggested the typical household is set to pay £3,358 per year from October, with further hikes due in January.
Ofgem states the change to the price cap is designed to provide stability needed in the energy market, given rising prices.
However, Express.co.uk readers hit back against the news of the price cap change, with many worried about the future and the prospect of higher bills.
Pope remarked: “Nothing ever goes down as much as it goes up in this country.
“I remember the fuss there was when petrol hit £1 a gallon – it’s what, now, £7? We are the victims as usual, and this is no longer tolerable!”
Karma34 said: “No! Something has to be done! This is daylight robbery under a false agenda.”
Simo69 penned: “GREED, GREED, GREED. Nothing more, nothing less than just greed. There is no need for any of it whatsoever.”
While Ter Minator wrote: “Every three months. Prices increases more often by moving to a three monthly review.
“Very few decreases in the prices of electric and gas, and loads of price increases. Give it time, the prices will be changing every day.”
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Heidi611 said: “While these companies make massive profit out of our misery, this has to stop!
“The Government must help us by putting the cap back on gas and electricity or people will definitely die in the winter.”
And Crockett42 stated: “Seriously, what’s going to happen when your hard working class customers simply cannot afford to pay their energy bills?”
However, the measure has been explained as helping to prevent price shocks for consumers.
Ofgem stated the change means price rises and falls will be passed on to customers more quickly to help keep them in the know.
The regulator acknowledged many households will face struggles, particularly as the colder months draw closer.
Jonathan Brearley, CEO of Ofgem, said: “I know this situation is deeply worrying for many people.
“The trade-offs we need to make on behalf of consumers are extremely difficult and there are simply no easy answers right now.
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“The changes ensure the price cap does its job, making sure customers are only paying the real cost of their energy, but also, that it can adapt to the current volatile market.”
Ofgem has vowed to continue working closer with the Government alongside consumer groups and energy companies.
The regulator states it will be looking into further support measures to assist Britons with higher prices.
Greg Hands, energy minister, acknowledged the potential benefits of the price cap change.
He added: “It makes sense for the cap to be adjusted at a reasonable frequency.
“If energy prices were to start to fall people would see those benefits more quickly.”
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