UK energy bills to rise by 80% in October as regulator announces hike
August 26, 2022, 11:20 am

UK energy bills to rise by 80% in October as regulator announces hike

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

The cost of energy for British consumers will rise by 80% from October, the UK's regulator said on Friday (August 26). Ofgem's move will see average annual household bills soar to £3,549 (€4,204), according to the Euronews.

It said, the move looks set to further fuel inflation amid a cost of living crisis and put pressure on the government to act.

Ofgem Chief Executive Jonathan Brearley said the rise would have a "massive impact" on households across Britain, and another increase was likely in January, reflecting significant pricing pressure in energy markets.

He said the government needed to deliver further help to households.

"The government support package is delivering help right now, but it’s clear the new Prime Minister will need to act further to tackle the impact of the price rises that are coming in October and next year," he said.

UK average households could save up to eight percent off of their bills by reducing the “flow temperatures” of their boilers - Photo. Pixabay

"The response will need to match the scale of the crisis we have before us."

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Finance minister Nadhim Zahawi said he was working on a plan to be ready for the next government, which will be appointed when either Liz Truss or Rishi Sunak becomes prime minister on 5 September.

The regulator's move comes amid soaring global gas prices, exacerbated since the start of Russia's war in Ukraine which has seen Western sanctions imposed on Moscow.

Source: euronews

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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.”