finance
monthly
Personal Finance. Money. Investing.
Contribute
Newsletter
Corporate

UK Energy Price Cap To Rise By 54% While France Forces EDF To Take €8.4 Billion Hit

Average yearly UK household energy bills are expected to rise by £693 to £1,971 in April as the energy regulator Ofgem announces a 54% energy price cap increase amid rocketing oil and gas prices.

Posted: 4th February 2022 by
Finance Monthly
Share this article

Consumers on default tariffs paying by direct debit will, on average, see an increase of £693 from £1,277 to £1,971 per year. Consumers who use prepayment meters, meanwhile, can expect to see an increase of £708 from £1,309 to £2,017, on average.  

The increase is set to impact around 22 million households in the UK that are on a default standard variable tariff, over which the price cap sets a limit. The new price cap, which comes into effect on April 1 and will remain in place for six months, is the highest since the cap on energy bills was introduced.  

Meanwhile, across the channel, the French government is set to force state energy giant EDF to take an €8.4 billion hit to protect households from soaring energy costs by limiting bill increases to 4% this year. 

On Friday, the EDF lost a fifth of its market value after the French government laid out its plan to cap rising energy bills. The government’s measures include forcing the energy giant to sell electricity generated by its fleet of nuclear reactors to rival home energy suppliers at prices significantly below the current record-high market prices.

About Finance Monthly

Universal Media logo
Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
© 2024 Finance Monthly - All Rights Reserved.
News Illustration

Get our free monthly FM email

Subscribe to Finance Monthly and Get the Latest Finance News, Opinion and Insight Direct to you every month.
chevron-right-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram