Energy price cap may rise to help suppliers recover record level of unpaid bills
The energy price cap could be lifted for a set period to help suppliers recover a record £3bn of bad debt accrued through unpaid bills, the industry regulator has announced.
Ofgem said on Friday that it was consulting on proposals for a one-off cap adjustment of £16 – equivalent to around £1.33 a month – to be paid between April 2024 and March 2025.
The watchdog said: “The scale of this debt means that it is crucial that suppliers have sufficient funding to ensure they can meet the strict regulations Ofgem has in place around how they treat customers facing payment difficulties.
“This adjustment to the price cap will ensure suppliers have the resources to support customers struggling with debt.”
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.