Household energy costs are set to decrease by approximately £151 annually as the economic impact of Vladimir Putin’s incursion into Ukraine continues to diminish.
The UK authority plans to clamp down on power producers reaping ‘unreasonable profits’.
The UK energy watchdog, Ofgem, has criticized power station owners for exploiting the system to generate excessive profits and outlined measures to curb this behaviour.
Ofgem says that energy bills without government help would reach nearly £4,279
Ofgem, the British energy regulator, stated that its price cap for household energy bills would increase by 21% to £4,279 ($5,172) per year from January 2023 to March 2023.
British energy regulator claims that companies are failing to protect vulnerable customers
The British energy regulator stated Tuesday that many companies are not doing enough to help vulnerable customers in winter.