The energy market has been described as “extremely volatile” as the wholesale cost of energy has contributed to pushing up bills almost 21 per cent on average in five months.
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Safeguard tariff
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Ofgem says the increased tariff is due to higher wholesale gas and electricity costs since the level was last updated in February to protect one million more customers who receive the Warm Home Discount.
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More than four million households will see their energy bills rise by around £57 a year after Ofgem announced it was hiking the safeguard tariff – a price cap aimed at protecting vulnerable and pre-payment customers.
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Legislation to introduce the so-called safeguard tariff for vulnerable customers could be brought forward early next year.
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