UK Energy Prices Forecasted to Rise 13% Starting July 2023

Household energy prices in the UK are set to increase by 13% starting in July 2023, with the typical annual bill expected to rise by £209 to £1,850. This change is attributed to rising wholesale energy costs influenced by the Iran war, particularly affecting the global gas supply due to the closure of the Strait of Hormuz. Ofgem will publish the new price cap affecting approximately 19 million households on variable tariffs. It is anticipated that further price increases may occur by autumn and winter, leading to ongoing financial challenges for consumers.