Ofgem has revealed that the price cap on default tariffs will rise by £694 in April to £1,971 following the quadrupling of wholesale energy prices over the last year. The regulator said it will also announce further measures to deal with ongoing energy crisis on Friday, including an uplift to the wholesale cost allowance under the price cap and changes to licence conditions to allow it to make in-period adjustments.
Ofgem reveals price cap to rise by £693 in April
