EXTREME WEATHER AND GEOPOLITICS WILL SEND UK ENERGY BILLS UP 10%

British energy regulator Ofgem on Friday raised its price cap on household energy bills by 10% from Oct. 1 to an annual level of 1,717 pounds ($2,250.64), a jump blamed on severe weather events and conflicts such as the war in Ukraine.

Friday's rise of 10% for a typical dual-fuel household was slightly above analysts' forecasts. Energy consultancy Cornwall Insight said on Monday the cap was expected to rise 9% due to gas and electricity wholesale market prices, which have rebounded over the past few months.

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