Average Household Bill to Increase by £94 From January

The average household bill will rise to £1,928 a year from Janu 2024, Ofgem said on Thursday. It’s £94 up from the current cap of £1,834 and similar to the level between April and October last year. The increase is “driven almost entirely by rising costs in the international wholesale energy market due to market instability and global events, particularly the conflict in Ukraine,” Ofgem said. The headline price cap for customers paying by direct debit, revised every three months, is not the maximum amount suppliers can charge in total. The amount is calculated based on the estimation that the typical household in Britain uses 2,700 kilowatt hour (kwh) of electricity and 11,500 kwh of gas in a year....