Energy bills will rise faster this winter than previously forecast.
Domestic energy bills will rise faster this winter than previously forecast by the energy regulator Ofgem, its chief executive has admitted to MPs.But, while giving evidence to MPs, he said it was "clear" that estimate for winter bills now looked too low.
One industry analyst has predicted a rise of more than £1,200 a year in October. Cornwall Insight said that the typical domestic customer was likely to pay £3,244 a year from October, then £3,363 a year from January. About 23 million households in England, Wales and Scotland have their bills governed by the energy price cap. That limits the amount suppliers can charge per unit of energy, and the standing charge, and is set every six months. From this winter, it is expected that this will change to a three-month period.
But on Monday, he told MPs on the Public Accounts Committee that it was "clear", given the current "pricing dynamics" and the ongoing war in Ukraine, that "prices are looking higher than they did when we made that estimate".
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