Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Energy bills forecast to hit £4,028 this winter

Energy bills



The prediction comes as suppliers and consumer groups agreed a plan that could lead to a dedicated hotline and debt support for struggling households

Consultancy Cornwall Insight said the typical gas and electricity bill in England, Wales and Scotland could reach £3,363 (£4,028.85) in the new year.

The prediction comes as suppliers and consumer groups agreed a plan that could lead to a dedicated hotline and debt support for struggling households.

A set of government payments to help with bills starts to be paid next week.

However, there were calls for the government to do more to support families during the coming winter.

Cornwall Insight said that the typical domestic customer was likely to pay £3,244 (£3,886.29) a year from October, then £3,363 (£4,028.85) a year from January. The typical bill at present is about £2,000 (£2,395.98) a year.

Dr Craig Lowrey, principal consultant, said: There is always some hope that the market will stabilise and retreat in time for the setting of the January (price) cap.

However, with the announcement of the October cap only a month away, the high wholesale prices are already being baked in to the figure, with little hope of relief from the predicted high energy bills, he said.

Earlier this week, a meeting was held between a host of energy companies – including British Gas, the UK’s largest supplier – and consumer groups.

The group also agreed to provide clear information about who should read their meter and when in the build up to bills rising in October. Last time bills for millions of people charged, there were widespread problems as suppliers’ online tools were unable to cope with demand.

Martin Lewis, founder of Money Saving Expert, who called the meeting, said: Far more is needed, and that must come from a functioning government.

He said: This winter will be catastrophic, the hideous spikes in wholesale energy will translate by October into (regulator) Ofgem setting a price cap for a typical bill of around £3,000 (£3,593.98) a year – close to four times what some paid just two years go. It will push millions into poverty.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.



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