Uk News When energy prices could go down and when the next price cap increase will be United Kingdom news

PremierLeague-News.Com - Energy prices are expected to soar again in October, and could remain high until at least 2024

Uk News When energy prices could go down and when the next price cap increase will be United Kingdom news

PremierLeague-News.Com - Energy prices are expected to soar again in October, and could remain high until at least 2024

Uk News When energy prices could go down and when the next price cap increase will be United Kingdom news
03 August 2022 - 15:30

PremierLeague-News.Com - Breaking Sport Transfer News ! Energy bills are expected to soar to £3,420 in October and could reach £3,850 next year, as the nation remains gripped by the cost of living crisis.The figures, released by utilities consultant BFY, would represent a 74 per cent increase to the energy price cap, which already rose by 54 per cent to £1,971 in April.The price cap was set at £1,227 before April 2022. A jump to £3,420 would mean households could see energy bills almost triple in the space of six months.Here’s everything you need to know about the cap.What is the energy price cap?The energy price cap was launched in January 2019 by government energy regulator, Ofgem, as a way of keeping down the cost for households across the UK.It is reviewed twice a year to reflect the costs of supplying electricity and gas for suppliers. Changes come into effect every April and October.Although it was due to be a temporary measure, it has remained in place due to continuing difficulties in the industry.The energy cap applies if you’re on a default energy tariff, whether you pay by direct debit, standard credit or a pre-payment meter. It does not apply if you are on a fixed-term tariff or have chosen a standard variable green energy tariff Ofgem has exempted from the cap.However, at present, fixed-term tariffs are more expensive than the cap, meaning most people are affected by it.Ofgem says: “The global rises we’re seeing in gas prices mean this is a very challenging time.

News source = PremierLeague-News.Com

.”More from BillsYour Saving Grace: eBay won't refund me for car pump that is faulty - can I get my money back?03 August, 2022Aldi named cheapest supermarket for second month in a row as food costs soar03 August, 2022Ask Jenny: A storm destroyed my roof but the surveyor said the damage was due to wear and tear03 August, 2022When will the cap rise again?The price cap is set to rise again in October.If BFY’s predictions are accurate it will soar to £3,420.A separate set of forecasts released by energy analysts Cornwall Insight predicts bills will rise to £3,359 in October and then £3,616 next year.In response, the UK’s three largest debt charities have called on Ofgem to urgently increase protections for people with energy arrears, as rising costs continue to impact households.Citizens Advice, the Money Advice Trust and StepChange Debt Charity are warning that with this substantial rise, more needs to be done to help those falling into financial difficulty.When could energy prices go down?Cornwall Insight is suggesting that at current projections, energy prices could remain high into 2024.Cornwall Insight’s principal consultant Craig Lowrey, said: “Customers will be sadly used to these ever-increasing price cap forecasts. We have less than a month until the new price cap is announced and given the trends in the wholesale market and the concerns over Russian supply, unfortunately the only change to the prediction is likely to be up.“However, while the rise in forecasts for October and January is a pressing concern, it is not only the level – but the duration – of the rises that makes these new forecasts so devastating. Furthermore, given the current level of the wholesale price, this level of household energy bills currently shows little sign of abating into 2024.”The Government has said it is consulting on changes that could allow households to get energy from the national grid at cheaper rates if demand is low, which could help lower costs.

Source = PremierLeague-News.Com

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