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UK Household Energy Bills Set To Skyrocket By Another £1,000 In Oct.

uk energy warmth

The price cap on energy bills looks set to rise by an extra £1,000 at the beginning of October, according to new predictions by analysts.

Yet more energy-bill misery is foreseen for households, with the cap expected to rise to around £2,980.63 for the next period – which runs between October and December, market researchers Cornwall Insight has said. [bold, links added]

Currently, it is £1,971 – which is already a record, beating the previous high by 54 percent.

Analysts used the latest available data to estimate the future energy price. Previous recent estimates put the next price cap at £2,800.

It is another hammer blow to families already coming to grips with the cost-of-living crisis, with inflation soon set to exceed ten percent, leaving people facing the second-biggest income squeeze since modern records began in 1964.

Food and clothing prices have already increased, while mortgages and rail fares are also due to hike dramatically, with four in ten people now saying they are having to cut back on groceries to cope.

There are even claims today from a fire chief that a recent spate of blazes around the country is the result of people burning wood in a desperate attempt to keep themselves warm.

The crisis has reduced the number of energy suppliers on the market to just over 20, while competition has been destroyed.

No suppliers can offer a price below the cap’s level.

The price cap is already worse for customers than it has ever been. For an average household, the price of energy increased from £1,277 to £1,971 in April.

Previously, the price had been as low as £1,042 in the summer of 2020 – the cheapest since the policy first came into force in 2019.

Cornwall Insight predicts another small rise in the price cap to £3,003 in January 2023 before dropping down to £2,758 in April and £2,686 in July – suggesting high prices are here to stay for some time for British households.

Read rest at Daily Mail

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