The move is expected to reduce taxpayers’ bill

Prices settled at £2,585/MWh, which is more than 40 times the 2011-2020 average

Ofgem has today said the price cap is set to rise to an annual level of £4,279 in January

This is due to the Ukraine War, research claims

From July to September the company made $8.2bn

This is as part of its efforts to boost energy security.

Speaking to ELN, an Energy Policy Professor has highlighted the need for the government to look at how the targeted energy bill support would look from April 2023 onwards

Putin has said Russia has no responsibility for the skyrocketing global energy prices

The temporary cap is part of the new Energy Prices Bill

Businesses which renewed their contracts after 1st December 2021 will now be eligible for support