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New UK PM will need to take urgent action on energy bills – Ofgem CEO
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LONDON (Reuters) – Britain’s new prime minister will need to act urgently to address the issue of soaring energy prices, the chief executive of energy regulator Ofgem Jonathan Brearley said on Friday, warning prices looked set to rise further.
LONDON (Reuters) – Britain’s new prime minister will need to act urgently to address the issue of soaring energy prices, the chief executive of energy regulator Ofgem Jonathan Brearley said on Friday, warning prices looked set to rise further.
“The prime minister, with his or her ministerial team, will need to act urgently and decisively to address this. All of us, with the government, need to get ahead of this problem and manage it on behalf of customers,” he told BBC Radio, after Ofgem announced average annual household energy bills will rise by 80% from October to 3,549 pounds.
(Reporting by Kylie MacLellan; Editing by Kate Holton)
Energy bills are the charges incurred by households for the consumption of electricity, gas, or other forms of energy. These bills can vary based on usage, energy prices, and provider rates.
Ofgem is the Office of Gas and Electricity Markets in Great Britain, responsible for regulating the electricity and gas markets to protect consumer interests and promote competition.
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is often measured by the Consumer Price Index (CPI).
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