Britain’s broken energy markets
What has happened?
The UK energy-market regulator Ofgem warned MPs this week that it expects to raise the price cap on household energy bills to about £2,800 in October. That means the average annual bill will have more than doubled within six months: Ofgem previously increased the price cap from £1,278 to £1,971 in April. According to Ofgem’s boss Jonathan Brearley: “The price changes we have seen in the gas market are genuinely a once-in-a-generation event not seen since the oil crisis of the 1970s”. The Resolution Foundation think tank calculates that this will push 9.6
