Millions face a winter of worry following energy price cap rise
Commenting on Ofgem raising the energy price cap to to £3,549 from £1,971 in April, Sarah Pennells, consumer finance specialist at Royal London says:
“Millions of people face a winter of worry following Ofgem’s announcement that the energy price cap is going to rise by 80% to £3,549 from the start of October. Energy prices have almost tripled in the past year alone and the latest price rise means many will struggle to pay their bills in coming months.
“Although the energy price cap rise will affect over 20 million households that are not on a fixed price deal, people on the lowest incomes will be worst affected as they spend a higher proportion of their income on energy bills.”
“The government’s £400 energy discount will start to be paid from October and the first cost of living payment for people on a low income has already been made. However, until we know what additional support may be put in place, people who are struggling should contact a charity, such as Turn2us or Citizens Advice, for help.”
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Notes to editor
The energy price cap limits the price providers can charge for a unit of energy and standing charge, but doesn’t limit the total bill someone could pay. The figure quoted is for a typical household paying by direct debit for electricity and gas from the same supplier.
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About Royal London
Royal London is the largest mutual life, pensions and investment company in the UK, with assets under management of £147 billion, 8.7 million policies in force and 4,232 employees. Figures quoted are as at 31 December 2022.
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