Britain nearly doubles domestic energy price cap

Britain announced Friday a vast 80-percent hike in electricity and gas bills, in a dramatic worsening of the cost-of-living crisis before winter as the UK awaits a new leader.

Regulator Ofgem said its energy price cap, which sets prices for consumers who are not on a fixed deal with their supplier, will in October increase to £3,549 ($4,197) per year from the current £1,971, blaming soaring wholesale costs after Russia’s invasion of Ukraine.