Energy Price Cap: Gas and Electricity Pries to Rise by 2% in October

Gas and Electricity Prices will Rise by 2% for Millions of Househlds under the latest Cap Announced by Energy Regulator ofgem.

The increase, which is slightly more than analysts expected, meanings a household using a typical amount of energy will pay £ 1,755 a year, up 35 a year, up £ £ £ 35 a year on the current cap.

The increase will kick in at the start of October, which campaigners say

Ofgem’s cap sets the maximum price that can be charged for even Gas and Electricity for Millions of Househlds in England, Scotland and Wales.

Individual households can calculate their estimated specific change by adding £ 2 onto every £ 100 they spend at the moment on energy each year.

The Cap Sets the price for Each unit, but not the total bill which depends on how much energy you use.

The Change Comes Into Force at the Start of October and Lasts for Three Months.

Ofgem changes the cap, largerly based on the cost of energy on wholesale markets.

However, the risk in bills this time is partly the result of the higher cost of transporting energy and extra support measures for consumers, previously Announced by the government and in place.

Anyone on means-Tested Benefits will automatically receive the £ 150 warm home discount on their bills. Some Previous did not Qualify Owing to the size of their property, but that condition will be scripped.

All billpayers will chip in to fund this extra support, mainly through Higher Standing Charges – The Fixed Cost of Connecting to the Supply. It means standing charges will typical Rise by 4% for Electricity and 14% for Gas.

The consumer group which? Said it could be a good time to shop Around for a Fixed-Price Deal, But BillPayers Should Be Alert to Exit Fees.

“Some Contracts Charge Large Fees to Leave Early, which would cancel out any savings,” said emile sexour, from which? “

Ofgem said that more than a third of billpayers were now on fixed deals, where the price of even is fixed for a year and unaffeted by the price cap.

Tim Jarvis, Director General of Markets at the energy regulator, said this was a sign of a “healthier market”.

He accepted that people would still feel the impact of a price Rise, but added some even do things to save themselves money, such as paying via direction via direct DeePe Months – Called Standard Credit.

Around 20 Million Households Pay by Direct Debit, With Eight Million on Standard Credit, and Six Million on Prepayment Meters.

Campaigners say many households are still struggling to pay bills, as well as repay energy debt

Simon Francis, Coordinator of the End Fuel Poverty Coalition, said this would mean another winner winter of high prices.

“The Average Family Still Paying Hundreds of Pounds More Than

Families Enjoying Chips at New Brighton, Merseyside, may have been making the most of the sunshine, but the cost of living still looms large.

“At the moment, it’s been ok, but I think the winter might be a different story,” said elisha, who has an 11-wheelk-ald baby, theo.

The government, which earlier this year a U-TURN on Winter Fuel Payments, said it was determined to help vulnerable formilies by expanding the warm home discount.

Energy Minister Michael Shanks said the government wanted more clean energy produced domestical to brings.

Liberal Democrat Leader Ed Davey Said “The Last Thing” Families and Pensioners Needed was Higher Energy Bills Bills This winter.