Your gas and electricity bills could go up by 30% next year

According to analysts, the British could increase their energy bills by 30% over the next year.

Research agency Cornwall Insight has predicted further volatile gas prices and the potential collapse of even more suppliers could push the energy price cap to around £ 1,660 in the summer.

The forecast is about 30% above the record price cap of £ 1,277 for the winter of 2021-22 that began in early October.

Craig Lowrey, Senior Consultant at the company, said, “As wholesale gas and electricity prices continue to hit new records, successive exits in September 2021 and a new level for the standard tariff cap (£ 1,277 for a typical dual-fuel direct debit customer) for the Winter 2021-22, the UK energy market will remain on the rise in terms of new volatility and further consolidation. “

The energy regulator Ofgem reviews the price cap every six months and changes it based, among other things, on the costs that suppliers have to pay for their energy, the costs of policies and the operating costs.

In a statement to the BBC, Ofgem admitted it was “a worrying time for many people”.

The regulator added: “The energy price cap applies to around 15 million households and will ensure that consumers do not pay more than is strictly necessary this winter.

“Unfortunately, if global gas prices remain high, the level would rise if the price cap were updated.

“Any customer who is concerned about paying their energy bill should contact their supplier for access to the available support services.”

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