Energy regulator Ofgem has officially announced a new price cap for household energy bills, increasing the cap to £3,549 per year from the current price of £1,971. The price cap mechanism, introduced in 2019, was designed to eliminate the profiteering of energy companies but has ended up hurting both consumers and companies. With millions in Britain now facing energy poverty, the calls for a replacement of the price cap with some other system are only growing louder. On Friday 26th August, energy regulator Ofgem announced the new price cap for household energy bills will be £3,549 per year. The cap indicates the maximum amount that suppliers are able to charge their customers per unit of gas and electricity used, as well as setting a cost for the daily standing charge, and will come into effect on October 1st. The price cap currently stands at £1,971 per year, based on […]