Household energy bills to hit £3,549 from October

News / Fri 26th Aug 2022 at 06:23am

THE typical household energy bill will hit £3,549 a year from October, Ofgem announces.

  1. The typical household energy bill will hit £3,549 a year from October, regulator Ofgem announces
  2. The cap is currently £1,971 for the average household and limits how much providers can charge customers in England, Scotland and Wales
  3. But the new price cap will take effect on 1 October, with many households expected to struggle to pay
  4. Energy prices have risen sharply, fuelled by the war in Ukraine which has threatened supplies from Russia
  5. The announcement comes amid a cost of living crisis, with prices soaring and taxes and interest rates going up

Ofgem chief Jonathan Brearley says the 80% rise in the energy price cap ‘will be devastating for families’ but says controlling the price is ‘beyond the capacity of the industry and the regulator to address’

Prepayment meter bill will be above £300 per month … these figures are £7-800 per year higher than when assumed at the time of Sunak’s last cost of living help package in May

Chancellor Nadhim Zahawi said he acknowledged that the energy price cap rise “will cause stress and anxiety for many people” but insisted Government “help is coming”.

A Government Spokesperson said:

“We know people are incredibly worried about rising energy bills, following unprecedented gas prices across the continent driven by global events, including Putin’s aggression in Ukraine and his weaponisation of energy in Europe.

“Direct support will continue to reach people’s pockets in the weeks and months ahead, targeted at those who need it most like low-incomes households, pensioners and those with disabilities. As part of our £37 billion package of help for households, one in four of all UK households will see £1,200 extra support, provided in instalments across the year, and everyone will receive a £400 discount on their energy bills over winter.

“The civil service is also making the appropriate preparations in order to ensure that any additional support or commitments on cost of living can be delivered as quickly as possible when the new Prime Minister is in place.” 

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3 Comments for Household energy bills to hit £3,549 from October:

2022-08-26 08:07:36

I really dont know how Im going to cope with that....its really scary, Im already using my credit card to manage my payments. I finished university,have a full-time job ,no kids, but barley manage to meet ends. Its sad that we are in this situation ...to choose between heating and food.

2022-08-26 09:35:09

There are going to be so many excess deaths this winter. This is not an issue of personal finance/bad budgeting for many... no amount of belt-tightening is going to be enough. Don't forget this cap now goes up every 3-months which Ofgem claims is to help the consumer. This means come January it will go up again.

2022-08-26 12:35:52

OMG it’s a joke this day and age, how the hell will people manage l dread to think. Pretty sure the crime rate will spiral out of control as well as illnesses.

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