UK residents could see energy bills soar up to £1,000 from October, according to expert

As the cost of living crisis continues, experts predict that energy bills could soar. Here’s what we know.

The cost of living crisis in the UK seems to be getting worse. It has gotten to the point where counties are handing out food vouchers for the vulnerable. Experts have predicted that energy bills will soar for UK residents.

Energy bills could reach £1,000

Money-saving guru, Martin Lewis tweeted that UK residents should expect a ‘bleak winter’. Indeed according to predictions, the UK could see energy bills rise by an extra £1,000 from October, as reported by News Shopper.

This extra £1,000 could see energy bills around the £3,000 for a standard tariff.

Martin Lewis told Twitter that he would keep his guide on energy fixes up to date.

He tweeted this advice:

If you're offered a year's fix at no more than 35% above your current price-capped tariff, or 40% more if you very strongly value budgeting certainty, it's worth considering.

What is the energy price cap?

According to News Shopper, an energy price cap ‘limits the rates a supplier can charge for its default tariffs’.

Ofgem, the energy regulator for Great Britain, establishes the energy price cap by ‘calculating how much it would cost a typical energy supplier to supply an average home’.

They figure this out by analysing multiple factors that could have an impact on energy bills, this includes wholesale gas and electricity costs, as well as usage and market data over a review period.

Read more:

War in Ukraine: The price of this everyday product will soar because of the crisis

War in Ukraine: The cost of living in the UK is expected to rise due to the crisis

Having money anxiety? Here's how to cope

UK considers being under a lockdown during Christmas as Omicron cases soar UK considers being under a lockdown during Christmas as Omicron cases soar