Ofgem has revealed the new price cap level from April of £1,971 per year includes a £61 uplift for wholesale costs incurred during the current six-month period. The regulator said the corrective measure is intended to reflect exceptionally high wholesale costs and market volatility that were “beyond what was accounted for” in the seventh price cap period from October 2021 to March 2022. It will also apply to price cap period beginning in October 2022.
New price cap includes £61 uplift for prior wholesale costs
