Martin Lewis is warning millions of households to brace for a ‘bleak winter’ after new energy price cap predictions indicated a further increase of 51% from October. This means the average, typical user on a standard tariff, will see their bill go up to £2,980 for the next period.
Expert analysts at Cornwall Insight said that as a result of a spike in wholesale gas prices last week, new data show that Ofgem’s next price cap looks set to rise by an extra £1,000 in just 14 weeks’ time. It is currently at £1,971 following the 54% hike on April 1, but is expected to rise to around £2,980.63 for the next period, which runs between October and December. Previous recent estimates put the next price cap at £2,800.
The founder of MoneySavingExpert.com took to social media to share the update, urging his 1.5million Twitter followers to share the news. He said “people need to be aware of the very bleak winter coming” and should “ask the right people questions about how they get through it”.
