On the day of Ofgem’s price cap announcement, the House of Commons Public Accounts Committee is scheduled to hold a session specifically addressing Bulb Energy.
Octopus completed its acquisition of Bulb in December 2022, gaining 1.5 million customers and securing its position as the UK’s second-largest energy retailer.
Key witnesses of the session include Chief Executive at Ofgem Jonathan Brearley, Chief Financial Officer and Co-Founder at Octopus Energy Stuart Jackson and other figures from the energy sector and government departments.
Coinciding with this event, approximately 27 million domestic energy customers are eagerly anticipating the upcoming announcement by Ofgem regarding the new energy price cap.
This announcement, which will determine the cost of energy bills from 1st July, comes at a time when household energy bills have seen a significant increase.
Initial predictions suggest that Ofgem will reveal an average annual household energy bill of around £2,054 starting from 1st July.
Consultancy Cornwall Insight further projects that future price caps will set average energy bills at £1,976 from 1st October, rising back to £2,045 from 1st January 2024.
According to records from the End Fuel Poverty Coalition, this means that starting from July energy bills will be double what they were in 2020, 60% higher than prior to the Ukraine invasion, and comparable to last winter’s levels.
Simon Francis, Coordinator of the End Fuel Poverty Coalition, has noted that people will face several more months of persistently high bills, leading to the depletion of savings, accumulation of credit card debts, increased indebtedness to energy companies, or even reliance on food banks as the cost of living crisis deepens.