play_arrow

keyboard_arrow_right

skip_previous play_arrow skip_next
00:00 00:00
playlist_play chevron_left
chevron_left
  • cover play_arrow

    KL1 Radio Local Radio for West Norfolk

  • cover play_arrow

    EPISODE 35 OF THE FARMING SOCIAL HUB PODCAST

News

Energy bills forecast to rise by 30 in 2022

todayOctober 7, 2021 5

Background
share close

Energy bills forecast to rise by 30% in 2022

Britons could see their energy bills rise by 30% next year, analysts have said.

Research agency Cornwall Insight has predicted further volatile gas prices and the potential collapse of even more suppliers could push the energy price cap to about £1,660 in summer.

The forecast is approximately 30% higher than the record £1,277 price cap set for winter 2021-22, which commenced at the start of October.

Craig Lowrey, senior consultant at the firm, said: “With wholesale gas and electricity prices continuing to reach new records, successive supplier exits during September 2021 and a new level for the default tariff cap (£1,277 for a typical dual fuel direct debit customer) for Winter 2021-22, the GB energy market remains on edge for fresh volatility and further consolidation.”

Energy regulator Ofgem reviews the price cap once every six months, and changes it based on the cost that suppliers have to pay for their energy, cost of policies and operating costs, among other things.

In a statement to the BBC, Ofgem acknowledged it was a “worrying time for many people”.

The regulator added: “The energy price cap covers around 15 million households and will ensure that consumers don’t pay more than is absolutely necessary this winter.

“However if global gas prices remain high, then when we update the price cap unfortunately the level would increase.

“Any customer worried about paying their energy bill should contact their supplier to access the range of support available.”

Published: by Radio NewsHub

Written by: admin

Rate it

Previous post

News

Warning of bumper council tax rises to meet Government promises

The stark warning comes in a pre-released chapter of the IFS green budget, the rest of which will be launched closer to the planned Budget and spending review later this year. Council tax may need to rise by up to 5% a year for the next three years to keep services running and pay for social care reforms, an influential think tank has warned. The Institute for Fiscal Studies (IFS) […]

todayOctober 7, 2021 1


0%