Britons face ‘risk premium’ for energy as US-Israel war on Iran intensifies

Andrew, a 70-year-old retiree from Norwich, enrolled in an 18-month fixed-rate energy plan, anticipating price hikes due to conflicts. Ofgem announced a 4% increase in the energy price cap starting October 1, 2026, due to rising gas prices. While 35% of households are protected by fixed plans, most will face higher bills this winter, worsening the cost-of-living crisis in the UK.