Britons Risk Extra Energy Bill After Record Debt Worries Ofgem
- Ofgem considers one-time adjustment to April energy price cap
- Pressure rising on government to help offset cost pressures
Ofgem said it’s considering adding a one-time adjustment to the April energy price cap.
Photographer: Yui Mok/PA WireThis article is for subscribers only.
The amount of money British households owe their energy suppliers jumped to a record £2.6 billion ($3.2 billion) this summer due to surging wholesale prices and the rising cost of living.
With the increase in bad debt levels expected to continue, regulator Ofgem said Thursday it’s considering adding a one-time adjustment to the April energy price cap to reduce the risk of suppliers going bust or leaving the market as a result of unrecoverable debt. Proposals under consideration would add an average of £17 to all bills.