Estimations for £4K mark on winter energy bills

Britons may soon discover themselves paying more than £4K per year for the energy they consume.

New analysis from Investec Bank Plc implies the cap on default energy tariff may increase to £4,210 a year in January 2023.

It is worth pointing out that the prediction is even higher than the previous one from consultancy BFY Group which suggested homes may face energy costs of £500 per month under a price cap of £3,850 in the 1st quarter of 2023.

If this scenario becomes real, it will mean that the level will be over twice the present one.

This comes a few hours after the Bank of England warned the UK will go into recession this year.

Ofgem revealed a process, yesterday, that would allow the regulator to review the price cap every 3 months, that would mean that customers would see 4 changes in the level of their energy bills over the year.

Campaigners called this plan as “inhumane” because it will hit households in winter when higher bills are anticipated.

Martin Young, Analyst at Investec, stated: “We understand why Ofgem wishes to provide greater market resilience, but the pressure on households grows.”

Estimations for £4K mark on winter energy bills

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