You will have seen in the news, that the UK is facing an 'energy crisis' driven by a record rise in global energy prices, with every household across the country facing a similar challenge. The Ofgem price cap is predicted to increase by over 80% in October, a potential increase of over 180% in the last year.
There are several contributing factors that are causing this rise. The cost of wholesale energy has been rapidly rising primarily due to the war in Ukraine, varying weather conditions and the ongoing impacts of Covid-19.