HOUSEHOLDS will learn tomorrow by how much energy bills are set to rise — with warnings it could top £200 a year.
Regulator Ofgem will announce the new energy price cap on Wednesday for a typical gas and electricity customer in England, Scotland and Wales.
Sign up for the Money newsletter
Thank you!
Rachel Reeves says the Government could offer ‘targeted and temporary support’ if conditions worsen, but no new help with energy bills has been announced yet Credit: Getty
Energy prices have jumped after Iran blocked the Strait of Hormuz, a key shipping route for global oil and gas Credit: AFP
Experts at Cornwall Insight expect the cap to rise by £209 a year to £1,850 from July 1.
That would be a 13 per cent increase from the current £1,641 level.
The price cap limits what suppliers can charge per unit of energy, so bills still depend on how much gas and electricity a household uses.
Many families may feel less impact over the warmer summer months.
PRICE UP
Food costs to SOAR as Labour won’t scrap £2bn packaging tax – adding £50 to bills
HOUSE THAT
First-time buyers need £20,000 extra for deposit to avoid Iran War mortgage hike
But campaigners fear a much tougher winter, when heating use rises.
Energy prices have jumped after Iran blocked the Strait of Hormuz, a key shipping route for global oil and gas.
Cornwall Insight warned bills could remain high into October, even if the conflict eases, because of damage to energy infrastructure and disrupted supplies.
Chancellor Rachel Reeves has said the Government is preparing possible “targeted and temporary support” if conditions worsen, but no new energy bill help has been announced yet.
Simon Francis, of the End Fuel Poverty Coalition, said households need “reassurance and support, not a summer of suspense”.
