From January 2027 Great Britain price cap rises to £1,999
Business
Starting January 2027, energy bills for households in Great Britain are set to jump by about £276 a year.
The government's price cap is going up 16% to £1,999 for an average dual-fuel bill, mainly because gas prices are soaring due to ongoing conflict in the Middle East.
European gas prices doubled, storage low
European gas prices have doubled as storage levels hit a 13-year low, and the US-Israel war on Iran is making things worse by disrupting Gulf oil and gas exports.
After a cold winter and high summer demand, restocking has been slow, so the price cap is hitting its highest point in four years.
Plus, starting this Thursday, there's another 4% bump coming for household energy charges.