Ofgem's energy price cap will be now be going up every three months , instead of every six – with a new cap coming in October of £3,459. And now that figure is expected to soar even higher next year, with speculation it could go as high as £5,000 by April 2023. Money expert Martin Lewis has warned that 'people will die' this winter without help, and attacked government ministers for not having a plan ready to go. Energy companies have been going bust since 2021, as rising gas prices led to a global supply crisis, which in turn has led us down the path of more expensive energy costs. Coupled with the general rise in the cost of living , and you'd be forgiven for worrying about what all this really means for you, your loved ones, and your bank balance. Here, we'll explain the energy price cap, and how much bills are set to rise by during the next update. What does the energy price cap mean? The energy price cap is the maximum figure that consumers can be charged on a variable dual-fuel rate for typical usage of gas and electricity, for a set period of time…. Read full this story
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