URGENT UPDATE - The energy price cap increased by £693 (54%) on 1 April 2022. It looks set to increase by another £1,600 (82%) on 1 October 2022 to over £3,500.
- The latest industry forecasts (as at 13 Aug 2022) suggest that the energy price cap will increase by further £1,600 (82%) on 1 October 2022 to over £3,500.
- With the energy price cap now being reviewed quarterly, rather than every 6 months, we expect another price increase on 1 January 2023 and then again on 1 April 2023.
- On 1 Jan 2023 the energy price cap is expected to exceed £4,200 and to rise to over £4,400 on 1 April 2023. That will hopefully be the peak from which energy bills should start to fall again.
- These increase will affect virtually all 27 million households to the tune of over £90 billion a year compared to the more “normal” level of energy prices in 2020.
We appreciate that none of this is good news and some of it will be outright distressing. However, predictions of £5,000 energy bills by some “experts” are nothing more than alarmist bullshit and should be ignored. You should also ignore rants by Martin Lewis comparing the energy crisis to the pandemic in scale. That is insensitive, irresponsible doom-mongering nonsense which is way off the mark.
Unfortunately,, with the regulator Ofgem being AWOL as far as its fundamental duty to “protect the interests of consumers” “by promoting effective competition” goes, then there is no easy fix to cut your energy bills by switching supplier or tariff. It is also difficult to see when energy switching might return. Until then, we will pivot to trying to help consumers through the combined energy and cost of living crisis. We will be publishing information, advice and comparative data in order to help you cut your energy bills, make the most of any benefits you may be entitled to, and see who is doing what to help.
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