The energy price cap could change more frequently under new plans from the energy regulator Ofgem. Millions of UK households are struggling with huge energy costs that are expected to rise yet again in October.
Bills have already soared once this year, with the price cap being pushed up to £1,971 in April; up £693 from the last adjustment.
It is set twice a year in April and October, with another huge shock expected to come later in 2022.
International wholesale gas prices jumped last year as demand outstripped supply.
But as they were expected to turn back down, they have remained elevated due to Russia’s invasion of Ukraine.
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“Yes, the price would go up more quickly as prices go up, but equally importantly as those prices come down, then the price cap comes back down again.
“I remember back in the 2010s when people saw their prices go up and were waiting and wondering why prices didn’t come down equally quickly.
“The good thing about the price cap is that we will make sure it only reflects costs, and therefore it only reflects what you need to pay for your energy.”
He added: “With the Russian invasion of Ukraine, we are seeing a sustained increase, a further increase, in gas prices.
“So, the difficult news I have is that it is likely in October that prices will go up again.”
