U.K. is having talks with energy regulator Ofgem on price caps

The United Kingdom is having talks with energy regulator Ofgem on the rise in gas and electricity caps for customers, junior business minister Paul Scully said in an interview on Thursday.

"We've had lots of conversations ... with companies themselves, with Ofgem, in reviewing that price cap we clearly want to protect customers," he told Sky News in an interview.

Ofgem has set a cap on prices which limits the cost of energy for about 11 million people on suppliers' default tariffs. This cap is reviewed twice a year, it should be reviewed in April 2022.

According to the recent revision the cap is expected to rise to 12 percent on Oct. 1 to 1,277 pounds ( US $1,741) for a household using an average amount of energy.

Customers who has been impacted by the shutdown of their energy firms will continue to receive energy from Ofgem until they are appointed a new supplier, who is possibly more expensive.

Scully has also called on the public not to panic buy goods as the country is not going back into a 1970s-style "winter of discontent" of strikes and power shortages.