Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media platform: The Degel HaTorah party, which has four members in the Knesset, announces its withdrawal from Netanyahu's cabinet.
Local Syrian sources: The raids targeted the road between the village of Al-Mazra'a and the city of Sweida, where forces and factions affiliated with the Syrian Ministry of Defense are advancing.
Local Syrian sources: New raids carried out by Israeli warplanes targeted vehicles and gatherings of military factions affiliated with the new Syrian Ministry of Defense.
Local Syrian sources: Israeli raids target, for the third time, gatherings of Syrian Defense Forces military factions in the southern countryside of Sweida.
The Ministry of Health in Gaza: Gaza Strip hospitals received 120 martyrs and 557 wounded in the past 24 hours.
The Israeli Walla! website: We are running out of stockpiles, our forces are exhausted, and the lives of the captives are in danger. It is time for a ceasefire deal in Gaza.
Several wounded in an Israeli bombardment of a tent in al-Mawasi, south of Khan Younis in the Gaza Strip.
Israeli media: Three wounded, three killed in an ongoing operation in the Gaza Strip.
Al Mayadeen's correspondent in southern Lebanon: Israeli artillery shelling targets the outskirts of the town of Shebaa
Al-Qassam Brigades: The targeting took place at the intersection of 'Street 5' with the western line north of Khan Younis

British citizens welcome 2024 with 5% hike in energy bills

  • By Al Mayadeen English
  • Source: Agencies
  • 1 Jan 2024 17:09
3 Min Read

British energy company Ofgem says the decision was influenced by current geopolitical tensions affecting the oil and gas market.

  • x
  • British citizens welcome 2024 with 5% hike in energy bills
    UK Prime Minister then-Chancellor Rishi Sunak announcing measures to curb rising energy prices in May 2022 (AFP)

British citizens will start their new year with a 5% hike in energy bills, British power regulator Ofgem announced on Monday.

The company said the decision was driven by the global geopolitical tensions affecting the oil and gas markets, including the Russian war in Ukraine that is approaching its two-year mark and the recent military escalation in the Red Sea between the US-led maritime coalition and Yemenis, who are carrying out operations targeting Israeli and "Israel"-bound ships in response to the occupation's ongoing genocide in Gaza.

From January 1 to the first of March, households will add 94£ to their annual bill, the firm said.

Read more: Homelessness among UK armed forces veterans rises by 14%

Adjustments to electricity costs are introduced every three months, with a cap on how much suppliers can charge citizens as per consumption set by Ofgem. The change will see cost rising from 1,834£ in 2023 to 1,928£ in 2024.

Ofgem CEO Jonathan Brearley acknowledged that many people are having “a difficult time” and that “any increase in bills will be worrying."

The cap is applied to unit rates and standing charges, meaning that the more energy a household uses, the more they will pay. Additionally, a household's location affects the bill since the cap on electricity prices varies slightly across different regions of the country.

Related News

UK household gas and electric debt at $3.8 billion, highest level ever

As Christmas approached, Citizens Advice noted an unprecedented number of individuals unable to settle their energy bills. The organization is among those urging the government to provide extra, targeted assistance for those facing hardships.

In December, Ofgem stated that UK households have accumulated debts on electricity and gas supply of around £3 billion ($3.8 billion) with electricity and gas suppliers.

The figures marked an increase of £400 million ($507 million) since mid-October, recording their highest level ever because of a combination of high energy prices and growing cost of living pressures.

“We know that cost of living pressure is hitting people hard and this is evident in the increase in energy debt reaching record levels,” Tim Jarvis, the director general for markets at Ofgem, said. “The record level of debt in the system means we must take action to make sure suppliers can recover their reasonable costs, so the market remains resilient, and suppliers are offering consumers support in managing their debts."

The chief executive of the website TotallyMoney said energy suppliers had been instructed to contact struggling customers and offer support, “but that doesn’t mean you have to wait for them to reach out." 

“Get in touch at the earliest convenience and see if they can offer you a temporary debt repayment holiday, or a debt repayment plan to best suit your situation,” said Alastair Douglas.

However, despite the challenging situation, experts are expecting prices to fall starting April.

Analytics firm Cornwall Insight projected a 14% decrease in energy bills in April. This means an average household would have an annual electricity bill of 1,660£.

  • Ofgem
  • energy prices
  • Energy crisis
  • energy
  • United Kingdom
  • UK economy

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS