Energy bills rise by 1.2% as Ofgem price cap increases

Millions of households are facing a 1.2% increase in energy bills due to Ofgem’s raised price cap, urging customers to seek better deals as the average annual cost rises to £1,738. Switching tariffs could save up to £140, but a fixed rate may leave customers vulnerable to future price drops. The next price cap is expected to rise to £1,762, with regulatory changes and market turbulence contributing to potential increases in energy bills in 2025.

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