UK household energy bills to rise by 6.4% in April

(Sharecast News) - Hard-pressed UK householders will face a 6.4% rise in their energy bills from April as the industry regulator increases its price cap for a third consecutive quarter, citing higher wholesale gas prices. Regulator Ofgem said the increase will raise the average bill for households in England, Scotland and Wales on a standard variable tariff to £1,849 from the current level of £1,738 a year, equivalent to £111 for an average household per year.

This cap is 9.4% or £159 higher year on year but £531 or 22% lower than at the height of the energy crisis at the start of 2023.

"We know that no price rise is ever welcome, and that the cost of energy remains a huge challenge for many households," said Ofgem chief executive Jonathan Brearley.

"But our reliance on international gas markets leads to volatile wholesale prices, and continues to drive up bills, which is why it's more important than ever that we're driving forward investment in a cleaner, homegrown system."

"Energy debts that began during the energy crisis have reached record levels and without intervention will continue to grow. This puts families under huge stress and increases costs for all customers."

Reporting by Frank Prenesti for Sharecast.com