Our thoughts on the rise to the default tariff price cap were quoted by Bloomberg Quint. Ofgem increased its price cap to a record level. The new level of 1,277 pounds comes in to effect in October and will run through March for customers on standard variable tariffs.
Craig Lowrey explained that a large element of the price rise was due to rising prices. He added that if wholesale prices continued to stay elevated the
Winter gas prices are already higher than usual and if they stay elevated, the price cap could be raised to 1,300 pounds at the next adjustment ahead of summer.