Josie Clarke
19 article(s) here · 1 carrying a prediction
🔮 Energy price cap rise of 4% takes effect amid warnings of 16% new year increase
A 4% hike to Ofgem’s energy price cap takes effect from Thursday amid warnings household bills could soar by almost another £300 from January.
The stark warning comes as the latest 4% increase to the price cap coincided with experts at Cornwall Insight predicting it will rise by a further 16% to £1,999 a year on January 1, up by £276 on the level between October and December and the biggest rise since January 2023.
🔮 Energy price cap rise of 4% takes effect amid warnings of 16% new year increase
A 4% hike to Ofgem’s energy price cap takes effect from Thursday amid warnings household bills could soar by almost another £300 from January.
The stark warning comes as the latest 4% increase to the price cap coincided with experts at Cornwall Insight predicting it will rise by a further 16% to £1,999 a year on January 1, up by £276 on the level between October and December and the biggest rise since January 2023.
🔮 The increase will see the energy bill for the average household in England, Scotland and Wales paying by direct debit for gas and electricity reach £1,723, up £5 a month or £60 a year if this level was sustained over 12 months.
🔮 Which? suggested that buying a high-quality multivitamin and adding targeted supplements where needed could be cheaper than a so-called all-in-one menopause blend while being potentially more effective.
🔮 “Tackling this is a monumental challenge for government, enforcement agencies and industry and we, along with our partners, will continue working to detect and disrupt the criminal networks behind these scams.
🔮 “Q4 is expected to bring tighter household budgeting, so retailers will still need to absorb cost increases wherever possible.”
🔮 The increase will see the energy bill for the average household paying by direct debit for gas and electricity reach £1,723, up £5 a month or £60 a year if this level was sustained over 12 months.
🔮 Neil Bellamy, consumer insights director at GfK, said: “The savings index rose five points, which, although not used in our headline score, may indicate that those who can are thinking of building a financial buffer.
🔮 Energy firms have been warned they must “double down” on customer service ahead of a challenging winter for households.
Households are facing heightened winter pressure from energy bills after regulator Ofgem raised its price cap by 4% to a three-year high, taking effect from October 1 when bills will rise by £60 per year – or £5 per month – to £1,723 for the average household using both electricity and gas.
🔮 Energy firms have been warned that they must “double down” on customer service ahead of a challenging winter for households.
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Households are facing heightened winter pressure from energy bills after regulator Ofgem raised its price cap by 4% to a three-year high, taking effect from October 1 when bills will rise by £60 per year – or £5 per month – to £1,723 for the average household using both electricity and gas.
Analysts have forecast a further 9% hike from January.
The charity’s latest ratings of firms, covering April to June, shows the median score rose slightly from 3.26 out of five in the first quarter to 3.4.
Also by Josie Clarke
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The Aporia
