British energy regulator Ofgem says household energy bills to rise to nearly $5,200/year

The British energy regulator Ofgem announced that from January through the end of March 2023, the price cap for average household energy bills would increase by about 21% to 4,279 pounds ($5,170.74) annually.

Households, on the other hand, will not pay this amount because Ofgem’s price cap has been replaced by a government-backed price guarantee set at 2,500 pounds per year for average consumption until the end of March 2023.

According to Ofgem’s announcement, the government action will save typical households around £1,779 per year when compared to the level they would have had to pay under the regulator’s cap.

From April 1 to the end of March 2024, the government price guarantee will increase by an average of 3,000 pounds per year.