UK Households have been warned of a difficult autumn and winter ahead as energy prices are set to continue their upward trajectory to unaffordable levels for millions. With the price of wholesale gas having risen to more than three times the level from the start of the year, the extreme price of energy is a key component of the current cost of living crisis.
The maximum energy price cap has subsequently surged accordingly. The next update in October is set to be announced over the coming weeks, with forecasts predicting even further rises.
This increase reflects a change in calculation methodology in addition to the rise in wholesale prices. Market changes are also set to hit consumers quicker due to the regulator changing the regularity of price cap updates to every three months from October.
