Energy price cap to rise more than 80% to £3,549 from October 1

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The limit will apply to about 24 million households in England, Scotland and Wales on default energy tariffs from October 1, and will remain in force until December 31, when it will be adjusted again.

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The 4.5 million pre-payment meter customers, who are often the most vulnerable and already in fuel poverty, will see even more punitive growth with their average annual bill going up to £3,608.

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Ofgame Chief Executive Jonathan Brearley warned of the difficulty in energy prices due to this winter and urged the incoming prime minister and the new cabinet.

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The regulator said the increase reflects a continued rise in global wholesale gas prices, which began to rise as the world unlocked from the Covid pandemic.

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Mr Brearley said: "We know that an increase in this price range will have a cascading effect on households across the UK and the difficult decisions consumers will now have to make.

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The price of energy has reached record levels driven by an aggressive economic act by the Russian state. They have slowly and deliberately stopped supplying gas to Europe.

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The government aid package is helping right now, but it is clear that the new prime minister will need to act more to deal with the impact of price rise.

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We are working on a set of options for ministers, consumer groups and the prime minister who comes up with industry, which will require immediate action. The response will need to match the scale.

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