Robert Buckley spoke to Felicity Hannah on BBC Five Live’s Wake up to Money programme ahead of Ofgem’s announcement to increase the default price cap by £96 to £1,138. Robert explained that a combination of a rise in wholesale prices and policy costs for renewable electricity, as well as the inclusion of £23.69 adjustment by Ofgem for bad debt, will have added to the default price cap rise. He added that the rise to the price cap would reverse the fall that was seen in the summer in its entirety.
Discussing the wholesale prices, Robert said that the rebound in prices following the first lockdown, alongside the colder weather the UK has experienced, has contributed to higher prices in Ofgem’s calculation.
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