UK Energy Price Cap Seen Surging 13% in Biggest Gain Since 2023

The UK’s cap on household energy bills is set to jump 13% this summer as the war in Iran drives up wholesale gas and power costs, adding to broader inflationary pressures weighing on the economy.

The price cap, which limits what suppliers can charge a typical household, is forecast to rise to £1,850 ($2,479) a year from July, according to energy consultant Cornwall Insight Ltd. While the figures are estimates, they are typically close to the numbers announced by regulator Ofgem.