The energy price cap will increase by around 80 per cent from the start of October, meaning the average household will pay £3,549 per year for gas and electricity. Gloomy forecasts predict that the cost of energy will continue to soar in the coming months leaving Brits in a bleak position.
The latest analysis from Auxilione suggests the energy price cap could top £7,200 by next spring - more than three and a half times the figure it currently stands at. However, experts believe the cap will then fall by the summer and again next autumn.
The energy price cap was put in place as a way of regulating the amount that 24 million households pay for their gas and electricity. It was introduced in January 2019 to ensure that households would not be ripped off by their energy suppliers.
