U.K. Energy Bills to Jump 13% as Gas Shock Hits Households

UK energy prices will jump by 13% from July 1 after energy regulator Ofgem on Wednesday raised the price cap as a result of higher wholesale gas prices amid the Middle East crisis.

The UK has a so-called Energy Price Cap in place, which protects households from excessively high bills by capping the price that energy utility providers can pass on to them.

The price cap is a limit on what suppliers can charge domestic consumers per kilowatt hour of energy used.

Because of the new energy crisis created by the Iran war, energy prices in Britain will…