"The price of energy has reached record levels driven by an aggressive economic act by the Russian state. They have slowly and deliberately turned off the gas supplies to Europe causing harm to our households, businesses and wider economy. Ofgem has no choice but to reflect these cost increases in the price cap."

Jonathan Brearley, CEO of Ofgem

The energy regulator Ofgem has announced the energy price cap will rise to £3,549 from 1st October 2022 for customers on standard tariffs paying by Direct Debit. It means that for the average customer in England, Wales and Scotland the price will increase by approximately £1,578.

For prepayment customers the price will increase to £3,608 for the average household.

Announcing the change to the cap level, Ofgem stated: “The increase reflects the continued rise in global wholesale gas prices, which began to surge as the world unlocked from the Covid pandemic and have been driven still higher to record levels by Russia slowly switching off gas supplies to Europe."

Commenting on today’s Ofgem announcement, an E.ON spokesperson said:

“Global gas prices continue to reach record levels and this has affected the energy costs suppliers pay and the bills we pass on to customers. Prices will have to increase in line with Ofgem’s price cap to reflect the real cost of wholesale energy around the world.

“We know these are incredibly difficult times for our customers and we’d urge anyone who is struggling to get in touch as there are ways we can help, including cold weather payments and targeted support such as through our E.ON Next Energy Fund. We will also be issuing the £400 payment as part of the Government’s Energy Bills Support Scheme and our customers can find out more about how this payment will be sent to them here.

“We closely monitor the level and type of support our customers need, which currently includes us working with support agencies such as StepChange, Citizens Advice and Energy Advice Scotland and we have dedicated phone lines for customers at risk of being off supply or in other emergency situations. Customers are able to contact us 24/7 by WhatsApp, social media and email, and we also have information and support on our website to help customers with their individual queries.

“Energy suppliers cannot tackle global price rises alone. The solution is going greener; reducing how much energy we use and producing what we need from more renewable sources. Millions of families could save hundreds of pounds – and reduce carbon emissions – by improving their homes and we’ve called on the Government to increase the pace and scale of energy efficiency schemes. We need to end our reliance on gas, switching instead to cleaner and more efficient forms of heating. We need to reassure people that the greener option will also be the cheaper option in the longer term.”

In August 2022 Ofgem announced that the review period for the price cap will be reduced from six months to every three months  (quarterly). This means that the next price cap change, after 1 October, will be on 1 January 2023.

For more information about the price cap and the help available to customers, or for ways that customers can get in touch, please visit eonnext.com

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