Energy experts have said it is “difficult to see how many will cope" this winter as a final prediction suggests the price cap will increase by 80 per cent to an eye-watering £3,554 from October. It is the final forecast from the industry analysts before regulator Ofgem announces the new price cap on Friday, which will come into effect on October 1 and last until the end of the year.
But Cornwall Insight warned things will get worse for millions of people after that and said their analysis shows energy prices are set to rise to £4,650 from January. So between October and April - which includes the coldest months of the year - the average household will pay an equivalent £4,102 per year for their gas and electricity.
It would be a massive jump from today's £1,971 price cap, which is already a record high, and much steeper than the £1,138 seen last winter. To help households get an early start on preparing for the price hike and colder weather, GoCompare is urging people to use the last few weeks of summer to get winter ready and have shared some simple steps everyone can follow.
