In April, energy prices rose by 54% under Ofgem’s energy price cap, over the next six months, increases in the wholesale price of gas led to a 77% increase in the price cap which will be implemented in October. Now, to save customers experiencing such massive shockes, Ofgem will update the energy price cap every three months. It is pretty obvious to anyone that wholesale gas prices will increase from October as demand picks up and supplies from Russia dry up, so, UK consumers can now expect further increases from January 2023, that’s smack in the middle of winter by the way.
OFGEM has proved incompetent as the regulatory authority of the UK’s retail energy market