A £94 increase to the average annual household energy bill has come into effect after the regulator upped its price cap in response to a rise in global gas market prices.
The change, taking effect from 1 January, means average households are beginning 2024 with a 5% increase in energy bills – at the start of what could be the coldest three months of the year.
Every three months the energy regulator for Great Britain, Ofgem, sets a maximum price that suppliers can charge customers on standard variable tariffs for each unit of energy. wallet with money Glimmers of hope: your personal finance diary January-April 2024 Read more
The increase means that for the period 1 January to 31 March, the price cap is £1,928 a year for a typical household that uses gas and electricity and pays their bill by direct debit. That is up from £1,834 a year during the final three months of 2023.
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The change, taking effect from 1 January, means average households are beginning 2024 with a 5% increase in energy bills – at the start of what could be the coldest three months of the year.
The increase means that for the period 1 January to 31 March, the price cap is £1,928 a year for a typical household that uses gas and electricity and pays their bill by direct debit.
The Ofgem chief executive, Jonathan Brearley, has acknowledged that many people are having “a difficult time” and that “any increase in bills will be worrying”.
In the run-up to Christmas, Citizens Advice reported record numbers of people unable to pay their energy bills.
Alastair Douglas, the chief executive of the website TotallyMoney, said energy companies had been instructed to contact struggling customers and offer support, “but that doesn’t mean you have to wait for them to reach out”.
The average annual electricity and gas bill should come down to £1,660 in April, the analytics firm Cornwall Insight has predicted.
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