Ofgem said on Wednesday the household energy price cap will rise 4% to £1,723
from Oct 1, the highest level since January 2024, as Middle East conflict pushes
gas and power wholesale prices higher. Energy UK analysis shows household energy
arrears have reached £6 bln year-to-date and could hit £7 bln by end-December;
the energy minister said Tuesday extra support is being considered. Since late
February, after the outbreak of war in Iran disrupted supplies, near-month UK
gas futures have roughly doubled and corresponding power contracts have risen
about 70%. The Bank of England is monitoring energy prices; July CPI rose 2.9%
YoY, largely driven by a 13% uplift in the household energy cap that month.
