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An announcement from regulator Ofgem is anticipated to set energy prices for millions of households for the upcoming autumn and winter months. Analysts originally anticipated a slight decrease in gas and electricity prices for October to December but now predict a rise of about 1%. This increase will result in another season of high energy bills for consumers. The price cap, which affects approximately 21 million households in England, Scotland, and Wales, determines the maximum charge for each unit of gas and electricity.
It is important to note that the price cap only sets the price per unit of energy, not the overall bill, which is dependent on individual energy consumption. The changes will take effect at the beginning of October and last for three months. Energy consultancy Cornwall Insight forecasts a £17 increase in the typical household energy bill, totaling £1,737 annually, when the new price cap comes into effect. Ofgem adjusts the price cap every quarter based on wholesale energy market costs.
While the predicted rise in energy bills is partially due to additional support measures implemented by the government for the winter season, many households continue to struggle with bill payments and energy debt accumulation. Campaigners express concerns about the financial burden faced by families, emphasizing the significant rise in expenses compared to previous years. The tightening financial situation has caused uncertainty for families like Elisha’s, who worry about the approaching winter months.
Consumer group Which? recommends exploring fixed-price energy deals during this time but advises caution regarding potential exit fees. Additionally, a Department for Energy Security and Net Zero spokeswoman highlighted the government’s efforts to support families during the winter season. By expanding the Warm Home Discount and implementing stronger customer protections, the government aims to alleviate financial pressures on households and transition towards cleaner, more sustainable energy sources to stabilize energy costs in the long term
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