Consumer champion Martin Lewis has issued 'bad and good" news to his followers regarding their energy bills.
The money saving expert has been keeping the public informed about changes to the energy crisis and has been giving out advice on how they can make their money stretch further as household bills rise.
The current energy price guarantee has frozen the price of electric and gas until April 2023 after experts were warning bills could increase to an average of £5,000 in January 2023.
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Following the pandemic and then the Russia-Ukraine conflict, the wholesale price of gas has been fluctuating, rising to record highs. The price guarantee was put in place to help control household bills through the winter. While Liz Truss originally said it would last until 2024, new Chancellor Jeremy Hunt has said it will be reviewed next April.
With this, energy experts at Cornwall Insights have released their latest estimates for the next price cap.
Martin Lewis announced this via social media with a tweet saying: "Bad and good news. It's early days but @CornwallInsight 's latest prediction for the April price cap (which returns then unless govt changes rules) is a 48 per cent rise; taking a (meaningless but illustrative) typical bill to £3,700/yr from £2,500 Yet it's less than the 72 per cent predicted before."
The government has previously said that without the price guarantee, energy bills had been expected to hit £3,500 from October rising as high as £6,500 next year
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Martin Lewis issues new warning to everyone with a mortgage or savings account
