London stocks opened mostly higher on Wednesday after Ofgem confirmed household energy bills will climb in October.
The regulator announced the energy price cap will rise to £1,755 a year, up 2% from the July–September level of £1,720. The increase works out at around £2.93 more per month for the typical household, leaving bills well above pre-Ukraine war levels despite recent stability in wholesale energy prices. The cap also exceeded forecasts from Cornwall Insight, which had predicted a rise to £1,737.
The FTSE 100 gained 0.4% to 9,300.69, the FTSE 250 edged up 0.2% to 21,914.48, while the AIM All-Share added 0.1% at 765.97.
On the blue-chip index, JD Sports Fashion surged 5.3% after posting a mixed trading update. Second-quarter sales were down 3% on a like-for-like basis but up 2.2% organically. For the first half, sales slipped 2.5% LFL but grew 2.6% organically. The retailer said it expects full-year pretax profit in line with market forecasts and announced a £100 million share buyback.
National Grid rose 1.9% after responding to Ofgem’s draft determinations for the RIIO-ET3 price control. The utility welcomed an £80 billion investment plan in electricity transmission but urged greater recognition of practical challenges.
Elsewhere, Thames Water reached an agreement with Ofwat to begin paying its record £122.7 million in fines. The firm will pay £24.5 million by the end of September, with the remainder due by March 2030.
Wall Street provided a stronger backdrop, with the Dow Jones up 0.3%, the S&P 500 up 0.4% and the Nasdaq also up 0.4% on Tuesday.