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      Responding to the announcement from Ofgem that the Energy Price Cap will rise 4% to £1,723[i] from 1st October 2026, Clare Maio, Global Lead Partner at KPMG UK, said:
       

      “As temperatures fall and winter energy demand increases, household bills are set to rise. Continued conflict with Iran has pushed up forward gas and power prices, with those higher wholesale costs again feeding through to consumers.”

      “Removing VAT from domestic electricity has softened the impact of the latest increase for already stretched household budgets. But more is needed for businesses as well, as high energy prices feed into wider costs. Improving the competitiveness and predictability of UK energy costs will be essential to unlocking investment, supporting industry and delivering economic growth.”

      Clare Maio
      Clare Maio

      Partner - Energy & Natural Resources

      KPMG in the UK

      -ENDS-

       

      Notes to editors:

      [i]On 1st July 2026 Ofgem updated its Typical Domestic Consumption Values (TDCV). TDCV are used to set the energy price cap and help show what an average home spends on gas and electricity. Under Ofgem’s new definition of a typical consumer the annual cap is expected to rise in October to £1,723, from the current £1,663. Under the previous definition the equivalent figure is £1,935, from £1,862 currently.

       

      For further information please contact:

      KPMG Media Relations
      Claire Barratt
      T: +44 (0)7923 439264
      E: claire.barratt@kpmg.co.uk

       

      KPMG UK media relations
      Tel: +44 (0) 207 694 8773

       

      About KPMG in the UK:

      KPMG is trusted to make the difference for our clients, people and the communities we work in. With our people’s deep sector expertise and cutting-edge technology, we help organisations overcome their biggest challenges and unlock new opportunities to transform and grow.

      On 1 October 2024, KPMG UK and KPMG Switzerland merged to form KPMG UK/Swiss Group, scaling our strengths and amplifying the difference we make.

      KPMG International Limited is a global organisation of independent professional services firms providing Audit, Tax and Advisory services in 138 countries and territories. Each KPMG firm is a legally distinct and separate entity and describes itself as such.