Ofgem has confirmed the default tariff and pre-payment meter (PPM) caps will rise later this year due to record gas prices. While the cap has risen to its highest level yet, the final cost published by the regulator is smaller than initially anticipated. The increase is driven by a rise of over 50 per cent in energy costs over the last six months with gas prices hitting a record high as the world emerges from lockdown.
Record gas prices drive up price cap to highest level
