Energy bills may rise even higher than initially thought this October, according to an energy consultancy firm.
Cornwall Insight has predicted that bills could reach as high as £3,582 per year for the average household which is up from previous predictions of £3,359. Furthermore, it is believed that bills could rise to £4,266 from January, going up once again to £4,427 in April - up from previous April predictions of £3,629.
Ofgem will soon increase the energy price cap which limits what energy providers can charge customers on both default and standard variable tariffs. The price cap is determined by how much the average energy supplier would spend providing energy for an average home while also looking at things such as usage levels and market data.
