New dire price cap warning as energy bills look set to hit £4,200 in January

However, he also defended Ofgem’s decision, which will hopefully lead to lower bills in the second half of next year.

This will happen because Ofgem is making it easier for energy suppliers to recover their costs. By doing this, fewer suppliers will fail – and the cost of those failures will not need to be passed on to customers. “With many energy suppliers under financial pressure, and some currently making a loss, maintaining the current timeframe for suppliers to recover their hedging costs could risk a repeat of the sizeable exodus seen in 2021,” Dr Lowrey said.

“Given that the costs of supplier failure are ultimately met by consumers through their energy bills, a change which means that this is less likely is welcome, even if the timing of it may well not be.”The price cap forecasts from Cornwall show bills reaching £4,427 in April, before finally dropping slightly to £3,810 from July and £3,781 from October next year.

The government is providing direct support to millions of people to help them with their energy bills this winter.

Psst don't tell Sid

Meanwhile in France there will only be a 4% rise in energy costs because of *government* action taken in *January*

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Martin Lewis Blasts 'Zombie Government' As Energy Bills Set To Hit £4,200 In JanuaryConsumer rights champion calls for urgent plan, saying: 'People's livelihoods, mental wellbeing and in some cases very lives depend on this.' Im afraid the zombies are the British people who allowed themselves to be locked up, muzzled and jabbed. Now the government know what insipid gutless people they are and can do just about anything and get away with it because the brits will just accept it. Theft. There is a false sense that if somehow you make it through this winter it's done. But no these extraordinary EnergyPrices are set to continue beyond the time horizon.
Source: HuffPostUK - 🏆 108. / 51 Read more »