With Autumn approaching, households are bracing themselves for yet another hike in energy bills as the cost of living crisis continues to offer a bleak outlook. Ofgem will review its energy price cap on October 1 - where analysts suggest it could rise by an unprecedented £1,611.
The current price cap is £1,971 but energy experts at Cornwall Insight say this could go up to £3,582 on October 1 - a jump of 81%. Cornwall Insight then expects the price cap will rise again by another 19% to hit £4,266 in January 2023.
But the price cap isn’t actually a total cap on your energy bills. Instead, it sets a limit on the rates a supplier can charge for each unit price of electricity and gas you use, as seen in The Mirror.
