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In the UK, energy prices are capped. These set the maximum amount that energy suppliers are permitted to charge.
Energy price cap in the UK used to be stable. April 2022 marked the first significant increase, to £1,971 per year. This was an increase of 54% from the previous period.
In May 2022, Ofgem, the regulator, said it was expecting the price cap to jump again in October by 42%, to around £2,800. Energy consultancy Cornwall Insight estimates that the increase will be far higher, and will hit nearly £3,360 a year, which is a 70 per cent increase. It believes that the cap could exceed £3,600 in January before hitting a peak of nearly £3,730 in the second quarter of 2023. It is likely to remain elevated, at around £3,470 a year, at the end of 2023.