• According to regulator Ofgem, British energy bills will increase by 80% to an average of £3,549 ($4,188) per year starting in October.
• Ofgem called the situation a “crisis” that required immediate and decisive government action.
• He declared that the next prime minister of Britain, either Liz Truss or Rishi Sunak, must act right away after taking office next month. “

 According to regulator Ofgem, British energy bills will increase by 80% to an average of £3,549 ($4,188) per year starting in October. Ofgem called the situation a “crisis” that required immediate and decisive government action.

The hike, according to Ofgem CEO Jonathan Brearley, will have a “huge impact” on households throughout Britain, and another increase is inevitable in January as a result of intense price pressure in the energy markets.

He declared that the next prime minister of Britain, either Liz Truss or Rishi Sunak, must act right away after taking office next month.

“It’s clear the new Prime Minister will need to act further to tackle the impact of the price rises that are coming in October and next year,” Brearley said.

“The response will need to match the scale of the crisis we have before us.”

All throughout the world, rising wholesale energy costs are having an impact.

While governments in Europe have worked to reduce costs, boost storage, and preserve gas, the contest to succeed Boris Johnson as prime minister on September 5 has crippled the British government.

The two contenders have disagreed on how to react. Analysts have criticized their solutions, which include postponing environmental charges or reducing a sales tax, as being insufficient to prevent the unprecedented blow to household finances.

Although he understood the new price restriction will cause millions of people anguish and concern, finance minister Nadhim Zahawi said on Friday he was working on a strategy to be ready for the next government.

Ofgem stated that it was unable to make predictions for January, when a new cap will go into place, due to the market’s continued volatility, but that the winter gas market indicates that prices may become “much worse” by 2023.

Energy costs have increased significantly this year as a result of rising wholesale gas and power costs brought on by the epidemic, Russia’s invasion of Ukraine, and Moscow’s decision to limit gas deliveries to Europe.

The latest average electricity and gas bill for 24 million families implies that energy costs have nearly tripled since last October when they were an average of £1,277. This is one of the main reasons why inflation has reached a 40-year high.

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