Sheffield news Key price cap change and why it could make bills go even higher PremierLeague-News.Com

PremierLeague-News.Com - The price cap limits the maximum charge for every unit of energy you use

Sheffield news Key price cap change and why it could make bills go even higher PremierLeague-News.Com

PremierLeague-News.Com - The price cap limits the maximum charge for every unit of energy you use

Sheffield news  Key price cap change and why it could make bills go even higher PremierLeague-News.Com
04 August 2022 - 14:31

PremierLeague-News.Com - Breaking Sport Transfer News ! The energy regulator Ofgem has confirmed the price cap on energy will be reviewed every three months in a move which may see prices to increase even further. The price cap limits the maximum charge for each unit of gas and electricity you use and it sets a maximum daily standing charge, which is the money you pay to keep your home connected to the national grid. It is based on the wholesale charges the energy firms pay and applies to standard and default tariffs. Until now, the price cap has only been reviewed every six months. The last time this took place was in April when the cap rose from £1,277 to £1,971, 54% higher than the previous record. Read More: Tragic final moments of 'caring' mum killed by boyfriend who died minutes later after police chase It is next set to be reviewed in October and according to Martin Lewis, the next increase could be devastating. He said: “Last week I recorded this warning to you and to Conservative leadership candidates that a financial cataclysm'd hit the UK this winter unless there is action. “Then the Oct price cap was predicted to rise 65% taking typical bills to £3,240/yr. Now, its UP 77% to £3,500.” Now, the price cap will be reviewed again in January 2023 as well as in April 2023, this means there will be a further opportunity for the price cap to increase.

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. This means the price cap may increase again at the start of next year causing costs to go even higher. It is possible, if inflation begins to decrease, the price cap may also go down in January, but at the moment, according to Martin Lewis’ MoneySavingExpert website, it is likely to increase again. Jonathan Brearley, CEO of Ofgem, said: “I know this situation is deeply worrying for many people. As a result of Russia’s actions, the volatility in the energy markets we experienced last winter has lasted much longer, with much higher prices than ever before. And that means the cost of supplying electricity and gas to homes has increased considerably. “The trade-offs we need to make on behalf of consumers are extremely difficult and there are simply no easy answers right now. Today’s changes ensure the price cap does its job, making sure customers are only paying the real cost of their energy, but also, that it can adapt to the current volatile market. “We will keep working closely with the Government, consumer groups and with energy companies on what further support can be provided to help with these higher prices.” Read Next: Heartbroken mum's tribute to Sarah Oliver killed in crash days before 21st birthday Huddersfield kids' play centre says it will be forced to shut down if it can't serve alcohol to adults Demolition crews move at site of Barnsley homes devastated by fires Newlywed wife's marriage turned into 'living hell' as new husband beat her up and controlled every aspect of her life Get the latest Yorkshire Live news with our email newsletters Read More Related Articles Campaign to save century old Sheffield cafe closed for being 'hazardous' Read More Related Articles Dog owners warned as poisonous algae plagues popular lake

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