Britons warned energy bills could jump another 40% in October
May 25, 2022, 7:31 am

Britons warned energy bills could jump another 40% in October

Image: Pixabay

The UK energy regulator warned on Tuesday (May 24) that household energy bills in Britain look set to surge by another 40% in October. This will deepen a cost-of-living crisis that is piling pressure on the government to do more to help the poorest.

Ofgem said its price cap on the most-widely used tariffs could reach 2,800 pounds ($3,499) when it is next reviewed in October.

That would be up 42% from the current 1,971 pound cap announced in April, which was itself a more than 50% rise on the previous level.

Ofgem Chief Executive Officer Jonathan Brearley told a parliamentary committee: "We are only part-way through the price cap window but we are expecting a price cap in October in the region of 2,800 pounds."

Everyday life in London city, UK (Photo: Pixabay)

If confirmed, the cap would be higher than forecasts from Cornwall Insight, which had previously showed analysts expected it to rise to an average of 2,595 pounds a year.

The increase would add to stresses Britons are already feeling from a spike in the cost of most essentials from food to fuel, ramping up the pressure on Prime Minister Boris Johnson's government

Boris Johnson: No option is off the table to tackle cost of living

Rachel Reeves, the opposition Labour Party's finance spokesperson, said: "This will cause enormous worry for families already facing soaring bills. We need an emergency budget now, with a windfall tax on oil and gas producer profits to lower bills."

Business minister Kwasi Kwarteng said he did not think a windfall tax was necessarily the right thing to do, but he was "very confident" there would more government intervention to help consumers before October.

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Global gas prices soared last year when reopening of world economies from pandemic lockdowns caused demand to return sharply and supply could not keep up, while the war in Ukraine has pushed up prices further in 2022.

Brearley said: "The price changes in the gas market are genuinely a once in a generation event - not seen since the oil crisis in the 1970s."

Source: Ise

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”