ENERGY bills are set to soar again in October to an average of £2,800 a year, according to experts.
The price cap sets the maximum an energy company can charge for gas and electricity.
1
Currently the price cap is reviewed twice a year, in April and October. It’s usually announced two months before what the cap will be.
That means that prices will change again on October 1.
At present, industry analysts and Ofgem have predicted that bills will rise by £1,971 a year to £2,800 a year on average.
The amount you pay varied based on how much energy you use.
Ofgem is looking at changing the price cap so that it’s reviewed every three months – but those new rules wouldn’t come in until October, so the next review will go ahead as planned.
Some experts have warned that reviewing prices four times a year, instead of twice, will see bills go up more frequently.
But the energy regulator argues that it also means they will fall more quickly too.
Martin Lewis previously explained the price cap – and highlighted the dates which could affect bills this year.
How to get help with bills
Last month, the Chancellor announced a raft of support to help with the cost of living crisis.
It includes a £400 discount for every household off energy bills, £650 for 8million on benefits and £300 for pensioners.
It follows a £150 Council Tax rebate, which are currently being dished out by local councils.
Most read in Money
If you’re struggling with energy bills, you might qualify for a grant from an energy provider hardship fund.
It is also worth finding out what help your local council is offering through the Household Support Fund, to see if you could get some extra cash to cover essentials.
We pay for your stories!
Do you have a story for The Sun Online Money team?
