Energy bills will rise 9% in October, experts warn - just as homes need to put the heating on

2024-08-19 https://www.thisismoney.co.uk/money/bills/article-13756889/Energy-bills-rise-9-October-experts-warn-just-homes-need-heating-on.html HaiPress

Energy bills will rise 9 per cent in October,experts warn - just as households need to turn their central heating on.

The average home now pays energy bills of £1,568 a year,for a deal with prices limited by the Ofgem price cap.

But this could rise by 9 per cent - or £146 - to £1,714 a year in October,according to experts at Cornwall Insight.

Cornwall Insight has a good track record of predicting changes to the price cap. Ofgem will officially announce changes to the October price cap on Friday 23 August.

Breakdown: The electricity standing charge pays for things like customer service,and the cost of running the power network and operating meters

Will my energy bill go up by 9%?

Not necessarily.

The 9 per cent increase is an average,and how much your bill will change depends on how much energy you use.

Additionally,the change only applies to households with energy bills regulated by the Ofgem price cap.

Energy regulator Ofgem's price cap limits how much households on variable rate gas and electricity deals can be charged.

Ofgem caps the unit rates (the price paid for energy used) and standing charges (daily fees paid regardless of how much energy is consumed).

The Ofgem price cap is set four times a year.

What's next for energy bills?

Sadly,it looks like the only way is up.

Cornwall Insight said there would be a 'further modest increase' to energy bills when the price cap changes again in January 2025.

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