• Latest
  • Trending
  • All

Energy prices expected to rise under new price cap

August 23, 2024

Amy Hunt: Can getting glammed up really improve your performance?

August 14, 2026

Arrests and road closed over suspected abduction in East Lothian

August 14, 2026

Tân mawr ger Llanymddyfri yn gorfodi nifer o bobl i adael eu tai

August 14, 2026

Ardoyne: Police defend response to north Belfast incidents

August 14, 2026

Australia v Bangladesh: Steve Smith benefits from reprieve but tourists dominate day one of first Test

August 14, 2026

Builders unearth €9m gold loot sealed in walls of Belgian property

August 14, 2026

Chad’s Succès Masra: Former prime minister given state pardon

August 14, 2026

Japan: Record rain in Chiba kills eight as thousands stranded at Narita Airport

August 14, 2026

Engine parts smashed Ryanair window that man’s head was sucked out of, report says

August 14, 2026

Stolen Matisse artworks recovered by police in Brazil

August 14, 2026

Israeli settlers besieging Palestinian families in West Bank village

August 14, 2026

Concern grows over conditions on USS Abraham Lincoln

August 14, 2026
News
  • Login
  • Home
  • News
  • Sports
  • Worklife
  • Travel
  • Reel
  • Future
  • More
Friday, August 14, 2026
No Result
View All Result

NEWS

3 °c
London
8 ° Wed
9 ° Thu
11 ° Fri
13 ° Sat
  • Home
  • Video
  • World
    • All
    • Africa
    • Asia
    • Australia
    • Europe
    • Latin America
    • Middle East
    • US & Canada

    Australia v Bangladesh: Steve Smith benefits from reprieve but tourists dominate day one of first Test

    Builders unearth €9m gold loot sealed in walls of Belgian property

    Chad’s Succès Masra: Former prime minister given state pardon

    Japan: Record rain in Chiba kills eight as thousands stranded at Narita Airport

    Engine parts smashed Ryanair window that man’s head was sucked out of, report says

    Stolen Matisse artworks recovered by police in Brazil

    Israeli settlers besieging Palestinian families in West Bank village

    Concern grows over conditions on USS Abraham Lincoln

    Australian army whistleblower released on parole after more than two years in jail

  • UK
    • All
    • England
    • N. Ireland
    • Politics
    • Scotland
    • Wales

    Arrests and road closed over suspected abduction in East Lothian

    Tân mawr ger Llanymddyfri yn gorfodi nifer o bobl i adael eu tai

    Ardoyne: Police defend response to north Belfast incidents

    'Welcome to one of the most bizarre by-elections in recent history'

    European Athletics Championships 2026: Amy Hunt wins 200m gold as Dina Asher-Smith claims bronze

    'Releasing my son's killer early would be a slap in the face'

    Richie Berrington and Lyle Robertson star as Scotland crush Canada

    Wrexham XL bully owner Chanel Fong says dog not type to savage anyone

    Weather: Northern Ireland is now in its fourth heatwave of the summer

  • Business
    • All
    • Companies
    • Connected World
    • Economy
    • Entrepreneurship
    • Global Trade
    • Technology of Business

    US says dozens of countries helped China dodge Trump’s tariffs

    RBSI announces around 50 job cuts in Jersey

    UK economy grows but experts warn of challenging months ahead

    Twitch users can now block Amazon from using their content to train AI

    Burnham warned Iran war could hit UK growth next year

    First wave of ‘pounds for pylons’ energy discount sites revealed

    Trump Media reports $238m loss as crypto falls

    You could be missing out on £150 off your energy bill – here’s how to check

    Raw images, no filters: Why MySpace fans want it back as relaunch hinted

  • Tech
  • Entertainment & Arts

    Meghan hits red carpet at Power of Women in Hollywood

    Margot Robbie unable to speak at Saltburn premiere

    Barbra Streisand: Siri can now pronounce my name

    Wes Anderson’s The Grand Budapest Hotel inspires cinema’s look

    Taylor Swift/ Travis Kelce romance reaches White House

    The Killers booed at Georgia concert after inviting Russian fan on stage

    Watch: Memorable moments from Parkinson's star-studded show

    Tom Jones: Neighbour surprised to find singer in flat below

    Black Country Folk Festival showcases local musicians

    Watch: Australians set new world record with Tina Turner dance

  • Science
  • Health
  • In Pictures
  • Reality Check
  • Have your say
  • More
    • Newsbeat
    • Long Reads

NEWS

No Result
View All Result
Home Business

Energy prices expected to rise under new price cap

August 23, 2024
in Business
6 min read
251 3
0
494
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


Getty Images Woman in thick jumper sits by a radiator holding a mug and an energy bill.Getty Images

Billpayers are expected to face a sharp rise in household energy prices after Ofgem announces its new price cap later.

The energy regulator will officially confirm the cap on default tariffs for the three months from October at 07:00 BST.

It is likely to announce a rise of about 9%, or £150, on the annual bill of a household using a typical amount of gas and electricity.

The cap affects the price paid for each unit of gas and electricity used in 28 million homes in England, Wales and Scotland.

Energy prices governed by the price cap have fallen twice this year – in April and July – but are set to move back up towards last autumn’s level in October.

Consultancy Cornwall Insight, which is widely regarded for its accurate predictions, said it expected a household using a typical amount of gas and electricity would pay £1,714 a year from October.

That would be a £146 a year rise compared with a current typical annual bill – the lowest for two years – of £1,568.

Bar chart showing how the energy price cap has changed since early 2021, with the new prediction of £1,714 added

While prices are much lower than their peak, they remain well above pre-pandemic levels, and financial support from the government has either been wound down or is being cut.

The final cost-of-living payment was made to eight million people on means-tested benefits in February, and the new government has announced it will halt winter fuel payments for 10 million pensioners in England and Wales this autumn. The payment is a devolved matter in Scotland and Northern Ireland.

Some households are already in debt to their supplier and now face increased prices in the run up to winter.

Dame Clare Moriarty, chief executive of Citizens Advice, said the charity was bracing itself for a “challenging winter”.

“The price cap increase will see a wave of households tipped into debt, billpayers forced to make impossible decisions to make ends meet, and families worried about the impact the cold will have on their loved ones,” she said.

“Energy prices might be down from the peak of the crisis, but with many already in the red and the removal of previous support packages, there’s still no light at the end of the tunnel for those in desperate need.”

Standing charges under review

Although the price cap is changed every three months, it is illustrated by Ofgem in terms of an annual bill for a household using a typical amount of gas and electricity.

People in larger properties will tend to pay more overall due to higher energy usage, while those in smaller properties likely use less so pay less.

Standing charges, a fixed daily fee covering the costs of connecting to a supply, currently stand at at 60p a day for electricity and 31p a day for gas, although they vary by region.

Ofgem is currently considering whether to change the standing charge billing system.

Tackling it Together strapline

How some pensioners can claim support

An estimated 880,000 low-income pensioner households eligible for pension credit currently fail to claim it.

The government says it is worth an average of £3,900 a year and claiming it can qualify people for other financial support such as winter fuel payments.

You can check your eligibility for pension credit via the government’s online calculator.

Information is also available on how to make a claim. There is also a phone line available on weekdays – 0800 99 1234.

Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government.

Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us.



Source link

Tags: capenergyexpectedpricepricesrise

Related Posts

US says dozens of countries helped China dodge Trump’s tariffs

August 14, 2026
0

The White House said in a report on Thursday that more than 40 countries have helped China sidestep US...

RBSI announces around 50 job cuts in Jersey

August 13, 2026
0

Officials at the Royal Bank of Scotland International (RBSI) have confirmed around 50 people across Guernsey, Jersey, Isle of...

UK economy grows but experts warn of challenging months ahead

August 13, 2026
0

Summer sun and sports fixtures helped the UK economy grow between April and June, according to official data, but...

  • Lee McGregor: Scot seeks world title in 2025 & Nathaniel Collins bout

    677 shares
    Share 271 Tweet 169
  • Belgian footballer arrested in cocaine investigation

    533 shares
    Share 213 Tweet 133
  • Next to raise prices to help pay for rising wage costs

    532 shares
    Share 213 Tweet 133
  • South Wales Police officers injured, one arrested

    525 shares
    Share 210 Tweet 131
  • Charities to get £15m fund to save surplus farm food

    516 shares
    Share 206 Tweet 129
  • Trending
  • Comments
  • Latest

Lee McGregor: Scot seeks world title in 2025 & Nathaniel Collins bout

January 16, 2025

Belgian footballer arrested in cocaine investigation

January 27, 2025

Next to raise prices to help pay for rising wage costs

January 7, 2025

World Cup 2022: TikTok brings football fever to millions of fans

0

UK economy will get worse before it gets better, warns chancellor

0

One of Central America’s most active volcanoes erupts again

0

Amy Hunt: Can getting glammed up really improve your performance?

August 14, 2026

Arrests and road closed over suspected abduction in East Lothian

August 14, 2026

Tân mawr ger Llanymddyfri yn gorfodi nifer o bobl i adael eu tai

August 14, 2026

Categories

Newsbeat

Amy Hunt: Can getting glammed up really improve your performance?

August 14, 2026
0

They say practice makes perfect, but for some athletes that means more than just training to be as fast...

Read more

Arrests and road closed over suspected abduction in East Lothian

August 14, 2026
News

© 2023 GODJ - NEWS CORP - news.godj.com.

Explore NEWS.GODJ.COM

  • Home
  • News
  • Sports
  • Worklife
  • Travel
  • Reel
  • Future
  • More

Follow Us

  • Home Main
  • Video
  • World
  • Top News
  • Business
  • Sport
  • Tech
  • UK
  • In Pictures
  • Health
  • Reality Check
  • Science
  • Entertainment & Arts
  • Login

© 2023 GODJ - NEWS CORP - news.godj.com.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.