Cost of living: Energy price cap expected to double in January, experts say
The energy price cap is now expected to double in January, hitting £3,850 per year, according to experts.
BFY Group, a utilities consultancy, said households could see energy bills of £500 for the month of January alone. The cap is forecast to rise to £3,420 in October - a much higher sum than the £2,800 predicted in May by Ofgem, the energy regulator. Households are already paying £1,971 per year for energy bills after the price cap was increased in April - so this would amount to a 74% increase in the autumn.to just 20% of the Nord Stream 1 pipeline's capacity, which has pushed up wholesale prices.The UK imports less than 5% of its gas from Russia - and has pledged to phase out imports by the end of the year - but is impacted by fluctuations in the global markets.
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