Sheffield news Energy bills set to double by January as Brits face cost of living crisis PremierLeague-News.Com
PremierLeague-News.Com - Estimates suggest the price cap could jump to £4,210 a year, by January.
PremierLeague-News.Com - Breaking Sport Transfer News ! Energy bills for 24 million households in the UK could rise by more than double every year, come January. Energy regulator, Ofgem, announced this week that its price cap would be reviewed every three months, but this predicted surge in bills is even more than was previously expected. Ofgem has also announced unexpected changes to the way that the price cap is calculated and experts fear that it will jump from £1,971 a year, to £4,210 a year in January. This means that, in just a few months, the price cap could more than double. Martin Young, an analyst at Investec, said that the January forecast is about £460 more than expected before this week's Ofgem changes, but the regulator has said that they do "not recognise" these figures. Ofgem has said that the predictions by Investec are "a long way off any working estimates we are currently using". Read more: 'Warm banks' could be opened for people struggling to heat their homes this winter But it is not just Investec that have estimated a huge rise in energy bills come January. Energy consultancy Auxilione has put January’s average energy bill at nearly £4,000 a year. The company have warned that the price cap, which sets bills for 24 million households, could be increased further than previously expected. It said that, between October and December, the price cap is likely to be £3,488 per year for the average household. But from January the price will soar by another £500, hitting £3,994, it estimated.
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. October’s prediction is likely to be more accurate. This comes as CEO of Octopus Energy, Greg Jackson, urges the government to help out where they can with rising energy costs. He has asked the government to give a further £500 to every household in the UK. He told the Mirror : "We can’t go into winter with the degree of anxiety that we now see about bills. For the incoming Prime Minister this should be the number one thing on their agenda. "The baseline is, if the amount of help they announced previously was right, and the situation has got £500 worse by then, they need to look at for example another £500 of assistance. There are lots of ways of doing that and they need to look at ways that are targeted." Measures announced by former Chancellor Rishi Sunak in May included £400 for every household - regardless of income - from this October, with the money coming off energy bills. Mr Jackson said there had been keen interest from customers who do not need the money to donate the funds to good causes instead. Read more: Gas giant BP records highest profits in 14 years Fears 585,000 households could miss out on £400 energy rebate payment Six million people to get £150 cost of living payment boost in September Why bills could soar 'even higher' as regulator brings in key price cap change DWP ban energy firms from taking more cash from people on benefits
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