Energy costs likely to rise under Ofgem’s new price cap
Cost of Living Correspondent
Getty ImagesOFGEM’s energy regulator will release its latest price cap, with households expected to face another increase in gasoline and electricity costs in April.
The cap limits the amount that suppliers can charge for each energy source, and it affects the bills for 26 million homes in England, Wales and Scotland.
Analysts’ prices rose by 5% as suppliers paid for their wholesale costs.
Although average wages are also increasing, as water and council taxes increase, the rise will hit people’s financial situation in their financial situation.
The third consecutive growth
Households with default or variable tariffs are affected by the price cap, which is set every three months. The new hat, which will take effect on April 1, will be released at 07:00 GMT.
While the cost per gas and electricity is limited to the upper limit, the total bill is not, so household bills vary depending on how much energy is used.
Regulators illustrate the cap by showing the impact on the annual household bill for typical energy use.
Analysts at consulting firm Cornwall Insight’s accurate forecasts are widely believed to predict that households using typical gas and electricity will increase their prices by £85 a year, and the annual cost is £1,823 a year.
The forecast rise, they said, was the result of colder weather and a drop in gas storage levels across Europe, which led to a sharp rise in wholesale prices.
If the increase in the ceiling is confirmed, it would mean a third consecutive increase in energy bills, prompting calls on consumers to roam around for better deals and asking the government to step in to assist struggling Billpayers.
“The burden of high energy costs has been going on for a long time, and as long as our energy bills remain connected to natural gas costs, households continue to be at the mercy of global markets and fossil fuel industry,” said Simon Francis. “The Ultimate Fuel Poverty Alliance” command.
“But, in addition to the transition to relying on natural gas, it is crucial to support vulnerable households struggling with the energy costs that are now struggling and invest in improving the energy efficiency of their homes.”
A period of high prices meant that households jointly paid off £3.8 billion in debt to suppliers.
The average household owes electricity over £1,500 and natural gas owes £1,300.
The bill is about 50% higher than the pre-egg storage level, but is still below the peak of the surge in energy prices caused by Russia’s full invasion of Ukraine in 2022.
A few days after regulators released plans, the latest announcement comes after a few days, with plans to offer a range of tariffs that would be transferred elsewhere on people’s bills.
These fixed fees are always controversial for the fees paid for connections to gas and electricity, but there is one Oppose these plans immediately.
How to keep energy use and billing – Lower
Experts share three tips to master energy use during warmer months:
- If your hot water is too hot to wash your hands, your settings are too high so pour the boiler down
- Manage your drafts, such as placing a black bag on an unused chimney, or limiting other drafts in your home
- Limit the time during shower to four minutes. Charity Waterad has been compiled Four-minute song playlist Make your time
Read more here if you are struggling to pay your energy bill
