Energy bills to rise £104 despite price cap drop
Energy bills are set to surge. Here’s why
- Ofgem has approved an initial £24 billion investment to significantly upgrade the UK’s energy infrastructure.
- The funding includes over £15 billion for gas networks and £8.9 billion for the high-voltage electricity network, aiming to complete 80 major projects by 2030.
- The investment seeks to bolster the UK’s renewables sector, enhance national energy security, and improve grid resilience against volatile gas prices.
- Households are projected to see annual energy bills increase by £104 by 2031 to cover the cost of the infrastructure upgrade.
- Ofgem said that this investment is crucial, arguing that doing nothing would ultimately cost consumers more and is vital for national infrastructure.