Ofgem's energy price cap is forecast to rise from the start of January, meaning households will be faced with a bigger gas and electricity bill. Here's what you need to know
Customers of British Gas , E. ON, EDF, Octopus, and OVO Energy have been cautioned about potential energy bill surges that could see costs escalating to £1,782 from January. Analysts have sounded the alarm about a looming increase in UK household energy costs amid market "turbulence" and effects stemming from revisions to Ofgem's price cap.
Contributing factors include global economic and geopolitical tensions, most notably the ongoing Russia-Ukraine conflict and uncertainties around the second Donald Trump presidency, coupled with new energy network charges and other rising costs driving up the price of gas and electricity. Dr. Craig Lowrey, principal consultant at Cornwall Insight, said: "Energy bills in 2025 are shaping up to reflect a perfect storm of regulatory changes and market turbulence, in addition to any broader sector reforms put forward by the new Government," reports the Express.
Mr Lowrey further stated that the market is "unlikely" to lower bills which means affordability and fuel poverty continue to be a "pressing issue" for households across the UK, heightening the need for support for the most vulnerable. The increase to the energy price cap from January 1 will affect customers of all energy suppliers.
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