Susanna Reid abruptly halted the Good Morning Britain show on Tuesday (February 25) to share a “breaking news” segment.
The ITV anchor reported that energy prices are expected to leap by just over six percent come April, as per Ofgem’s revised cap – a surge exceeding initial speculations poised to further tighten family finances.
“Our breaking news this morning is another energy bills price rise. The energy regulator Ofgem has announced the energy price cap is going to rise by six percent for 26 million homes in England, Scotland, and Wales from the 1st of April this year,” disclosed Susanna.
Richard Madeley added his insight, “Well, this is the third time in a row that the cap has gone up, and the increase is the result of a combination of colder weather and the shortage in the amount of gas available across Europe, which, of course, has led to an increase in wholesale prices, which knocks onto you.”
Following the studio discussion, the focus shifted to correspondent Juliet Dunlop, who was reporting live from Renfrew in Scotland.
Delving deeper into the impact of the looming hike, Dunlop noted, “Many households were already worried about what this price rise might mean for them, and they might be even more worried now that we’ve had that confirmation from Ofgem this morning.”
Juliet pointed out that households are already finding ways to cut back on energy use, with people increasingly turning to their microwaves over ovens, using kettles and washing machines less, and even lowering their heating.
“This is the third consecutive rise in a row. You can see how those prices have crept up, and confirmation within the last few moments is that the rise is six percent, slightly higher than many analysts predicted,” she elaborated.
While energy costs continue to surge, Juliet shared hope that reduced gas and electricity usage during summer might alleviate some strain.
Nevertheless, further price hikes aren’t off the table, as Ofgem’s announcement surpassed the five percent rise anticipated by experts, citing inflation and escalating wholesale prices as the reasons for a bigger increase, reports the Mirror.
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Ofgem’s chief Jonathan Brearley responded to the crunch, candidly recognising the immense burden families face and conceding that additional increases would be “unwelcome”. His advice to consumers: lock in tariffs now to ease future financial shocks.
Jonathan also had a reassuring word for those concerned about their budget: “If anyone is worried about paying their bills, I would urge them to reach out to their supplier to ensure they’re getting all the help they can.”