Millions of householders will know the fate of their energy bills this week as Ofgem will officially announce the price of the October energy price cap. Fixed tariff options may work out cheaper overall if customers are able to get one with their provider.
Ofgem, the energy regulator, will announce the October energy price cap on Friday, August 26. The energy price cap is the maximum figure that can be charged to customers for typical usage of gas and electricity. Forecasters are expecting the October price cap to be £3,553 a year for the average household.
According to energy analysts, Cornwall Insight, energy bills are expected to rise over £5,300 in April next year according to their most recent predictions. Entering a fixed tariff with energy providers may work out cheaper in the long-run, despite the monthly outgoings being costly.
