UK gas and electricity bills will rise in July due to rising energy prices caused by the Iran conflict, according to energy regulator Ofgem.
From October 1, 2024, the maximum tariff paid by households will increase to £1,862 ($2,505) per year. This represents an increase of around 13% compared to the current annual tariff of £1,641 ($2,210). This means that every household in the country using both electricity and gas will spend an average of £221 ($300) more on electricity per year.
“This increase is a result of rising wholesale gas prices caused by the ongoing conflict in the Middle East,“ the regulator said.
According to Sky News, citing consultancy firm Cornwall Insight, tariffs could rise to £1,899 ($2,555) per year in October.