When the former British prime minister Theresa May legislated for an energy price cap in 2018, she promised the market intervention mechanism would “save consumers money”.
Less than four years after it was introduced, energy companies and analysts are asking whether it has run its course as the UK energy regulator Ofgem prepares to announce on Friday a sharp uplift in the cap, which dictates bills for most of Britain’s households.
Forecasts suggest the cap could rise by more than £1,600 a year to an estimated £3,600 per household based on “typical” usage. If accurate, the changes, effective from October 1, could see a retiree reliant on the state pension of £185.15 a week forced to spend almost 40 per cent of their income on energy bills.
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