[ad_1]
Sincere support
Independent News
Our mission is to provide unbiased, fact-based reporting that holds power accountable and reveals the truth.
Whether it’s $5 or $50, every contribution counts.
Support us in journalism without an agenda.
Home energy bills set to rise this winter Experts predict Ofgem’s energy price cap will rise, despite it having been reduced twice before this year.
Energy consultancy Cornwall Insight predicts Typical household energy bill From October, wages will rise by 9%, from the current £1,568 to £1,714 per year.
The news will not be welcomed by British taxpayers, who may have hoped to see costs fall after inflation hit the Bank of England’s 2% target in June, followed by a The first rate cut in five years in August.
Experts at Cornwall Insight said further “modest” growth was likely in January 2025, with more growth likely at the start of the new year due to “recent tensions”. In the Russo-Ukrainian War”.
“This is not the news families want to hear heading into the cold season,” said Craig Lowrey, the group’s chief adviser.
“After two consecutive declines in market value, I believe many people were hoping that we would steadily return to pre-crisis price levels.
“However, the ongoing impact of the energy crisis means our market remains highly volatile and will react quickly to any bad news on the supply side.
“Nevertheless, while we do not expect a return to the extreme prices of recent years, it is also unlikely that bills will return to levels once considered normal.
“Without major intervention, this could well become the new normal.”
An energy price cap is the maximum price an energy supplier can charge per unit of energy supplied to a household under a standard variable electricity tariff.
It is not the highest electricity bill you might pay in a year, nor is it a fixed rate. Instead, it shows the average amount a household can expect to pay if their energy consumption is normal.
In practice, a price cap is the maximum a supplier can charge per unit, either per kilowatt-hour or per day. What you actually pay depends on where you live, how you pay your bill, how much electricity you use and what type of meter you have.
The government introduced price caps in 2019 to ensure energy bills accurately reflect energy costs. Price caps are updated every three months.
Financial guru Martin Lewis advises people to take action as soon as possible Cut energy costs ahead of a rise in energy costs in October and say people should consider locking in a fixed price now to avoid paying more next year.
For the latest cost of living news, read The Independent’s regularly updated guide
[ad_2]
Source link
