British energy bills will jump 80% to an average of 3,549 pounds ($4,188) a year from October; plunging millions of households into fuel poverty and businesses into jeopardy unless the government steps in.
Ofgem CEO Jonathan Brearley said the rise would have a massive impact on households across Britain; and another increase was likely in January as Russia’s move to throttle European supplies drives wholesale gas prices to record highs.
Brearley said the government response needed to match the scale of the crisis with “urgent and decisive” action.
Prime Minister Boris Johnson, said his successor would announce “extra cash” targeted at the most vulnerable next month.
“But what I don’t think we should be doing is trying to cap the whole thing for absolutely everybody, the richest households in the country,” he told reporters.