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Energy prices rise with warnings of more pain to come
January 2025
Domestic energy prices have risen with little respite expected for billpayers during the rest of the year.
The second increase in Ofgem's price cap this winter takes effect on Wednesday and means someone paying by direct debit and using a typical amount of gas and electricity will pay £1,738 a year.
That is £21 a year more than under the previous cap, so billpayers are being urged to submit a meter reading to avoid overpaying on estimated usage.
Bills are about 50% higher than pre-Covid levels, and analysts predict they will rise by a further 3% in April.
The regulator, Ofgem, which sets the cap covering 26 million households in England, Wales and Scotland, has urged people to shop around for the best deal.
The best fixed-price deals are cheaper than tariffs based on the price cap.
While these deals offer certainty, anyone signing up to one risks missing out were prices to fall before the fixed element expires.
Owing to rising wholesale prices, analysts at energy consultancy Cornwall Insight predict an additional rise in the price cap in April of nearly 3%. It has forecast prices to then drop in July, only to rise again in October.
Full BBC News story - https://www.bbc.co.uk/news/articles/cx2612npy61o
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