Iran war impact to hit household energy bills for the first time
Household energy prices in the UK are set to rise significantly in July due to increased wholesale costs linked to the ongoing conflict in Iran. The regulator Ofgem is expected to announce a 13% increase in the price cap, resulting in an average annual bill of £1,850. The government is working on support plans for those most affected as energy prices are anticipated to rise further in the autumn and winter months.
- ▪The price cap will increase by 13%, adding £209 to the average household energy bill.
- ▪The rise is attributed to a 25% increase in global gas prices due to the Iran war.
- ▪The government is planning targeted support for those in need as energy costs continue to rise.
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Iran war impact to hit household energy bills for the first timeJust nowShareSaveAdd as preferred on GoogleKevin PeacheyCost of living correspondentGetty ImagesHousehold energy prices will rise sharply in July, as soaring wholesale costs caused by the impact of the Iran war hit UK bills for the first time.On Wednesday, regulator Ofgem will publish details of its new price cap affecting millions of homes on variable tariffs in England, Scotland and Wales.Analysts predict a rise of 13% on the current cap, which would mean a household using a typical amount gas and electricity paying £209 a year more than now, with an annual bill of £1,850.The announcement comes during a record-breaking heatwave across much of the UK, but experts say people can act now to reduce bills later in the year.The…
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