FRESH forecasts by energy analysts at Cornwall Insight predict that energy prices will exceed £3,500 in October.
The price cap is expected to reach £3,553.75 from October 1 and further bills rises will soon follow.
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Energy regulator Ofgem will announce on August 26 what the energy price cap will increase to this autumn. The change will come into effect on October 1.
The forecast will come as a major blow to families already struggling during the cost of living crisis.
The energy regulator, Ofgem, will change the energy price cap every three months from October and bills are predicted to rise even further.
Cornwall Insight’s forecast estimates that a typical household’s energy bill will hit £4,649.72 in January and £5,341.08 from April.
The estimates come in the week after energy analysts at Auxilione predicted that bills could hit £6,000 next year.
The price cap is rising after demand for gas soared when countries came out of Covid-19 lockdowns.
The Ukraine war has compounded the issue, as Russia slashes its supplies to Europe.
The energy price cap, which is set by the regulator Ofgem, limits the maximum suppliers can charge customers for each unit of gas and electricity.
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But it does not protect them from wholesale prices. It’s not a cap on how much you can be charged for the energy that you use – so if you use more expect to pay more.
The new prediction follows the news that some have some energy customers have already seen hikes to their direct debits now, to take into account the future price hikes.
Customers of British Gas, Bulb, Scottish Power a Ovo Energy have seen further hikes to their direct debit payments last week.
How to get help with your energy bills
While you can’t do anything to escape rising energy prices – energy suppliers do offer support for those who are struggling to pay their bills.
There are plenty of energy grants and schemes open to help you out if you’re struggling. Ask your supplier what’s on offer and how to apply, or check here:
There’s also a one-off fuel voucher from your energy supplier if you’re on a prepayment metre.
If you don’t know who your supplier is, you can find out here.
Anyone getting the state pension will also get winter fuel payments worth £100s. These are a tax-free payment that comes from the government each year and is worth between £100 and £300.
Councils are offering residents cash support through the Household Support Fund and Discretionary Fund scheme.
You may be eligible to get up to £300 in cash to help with the rising cost of living.
Eligibility for the cash can differ from council to council. So you’ll need to check what your local authority is offering.
