With energy bill prices predicted to soar this autumn, households will be looking for ways to minimise their outgoings. In early August Cornwall Insight, one of the country’s most respected energy consultancies, said bills will hit a staggering £3,359 per year from October for the average household, and not fall below that level until at least the end of next year.
Ofgem confirmed earlier this month that the energy price cap, which regulates what 24 million British households pay for their energy bills, will be updated four times a year, rather than twice. It warned that customers face a “very challenging winter ahead”.
But the regulator said the change would go “some way to provide the stability needed in the energy market." Stephen Murray, energy expert at MoneySuperMarket, said the expected energy price cap increase will 'pile more pressure on already stretched household finances.'
