Responding to Ofgem’s Price cap announcement, Energy UK’s chief executive, Emma Pinchbeck said:
“A steep rise in the price cap had been widely predicted and we know a £700 increase will be extremely worrying news for many people.
“The record international wholesale gas price rises seen since the last price cap has led to 27 suppliers exiting the market since August – with those remaining losing up to hundreds of pounds per customer. As Ofgem has said, suppliers need to be able to recoup these costs but we do not expect customers to shoulder the burden from this exceptional and unprecedented period.
“Suppliers will continue to do all they can to help and support customers, especially the most vulnerable, but a rise of this scale needs the Government to step in.
“So we very much welcome the support for customers announced by the Chancellor today, but with no sign of wholesale prices falling and bills likely to remain high through the autumn, our concern for millions of customers, as well as the stability of the retail sector, remains.”