This October will see another big rise in energy costs as Ofgem ups the price cap to an expected £3,687 - close to double today’s already record levels.. And analysts at energy consultancy Auxilione are now claiming it could jump up to around £4,400 in January 2023.
When the price cap was raised in April, Money Saving Expert founder Martin Lewis recommended all homes take a meter reading the day before the new price came into force. This means you tell your energy provider exactly how much gas and electricity you used before the price cap increase, reports the Mirror.
Following this logic again, then you would need to submit a meter reading on September 30, ahead of the new price cap coming into force on October 1.
Speaking on his ITV show earlier this year ahead of the energy cap rise in April, MrLewis said: "That way you draw a line in the sand that says to your energy firm, I've only used this amount at the cheaper rate. Don't start charging me more on the higher rate and estimating I use some of it afterwards."
The price could balloon further to £4,700 in April, Auxilione said, although they warned that forecasts so far ahead are more likely to be unreliable. If true, it would mean a price cap more than four times higher than before the gas price crisis started last year.
Falls will not happen until July, when the price cap might dip to £4,000 – but this is still double current levels. Auxilione said the changes – which added around £400 to the January price cap compared to Friday’s forecast – were largely due to new Ofgem rules that were announced earlier this week.
