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11th Aug 2022

Energy bills could hit £5,000 next year, experts warn

Danny Jones

Energy bills could reach over £5000 a year

It’s only getting worse

According to projections put forward by experts, energy bills could rise to as much as £5,000 next year as the fuel and cost of living crisis continues to worsen.

On Wednesday, it was announced that Brits already owe over £1.3bn in energy debt, with the average amount owed now three time higher than it was in 2021. Now, energy consultants Auxilione have issued further damning predictions for 2023.

Issuing a number of reports over the past few days, the latest projection has the ever-rising energy cap reaching an estimated £5,038 a year for the average household in the three months beginning in April 2023: an alarming increase of £231 from their previous figure published just a day prior.

We already know that the energy price cap is set to tip over the £3,000 mark this October and that companies like British Gas and BP have been declaring historic profits in recent weeks and months, but it looks like those numbers are only set to shoot up even further over time. Auxilione even forecast for bills to reach a whopping £4,467 by January alone.

At present, the energy price cap is reviewed every few months – typically in January, April and then October – however other factors such as the ongoing Russian invasion means that reassessing national energy demand and usage is likely to become an even more frequent occurrence.

Part of the concern is that the April and July estimates in particular are, obviously, in warmer months when energy usage is typically less. However, it is said that households that contain fewer people are currently in energy credit and while they would typically have saved up a surplus for the winter, most are already have to acclimatise to paying more.

While the UK government has announced that the poorest households across the country will receive a £400 discount on their energy bills as colder temperatures arrive, it will be a nervous wait to see how high energy bills are by that time and how much of a dent the relief package will actually put in the overall cost of living.

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