Since the cost of living crisis started, many households in the UK have been struggling to pay their bills. One of the worst affected bills is the energy bill. However, there is some good news in the coming months concerning energy prices.
Discover our latest podcast
Money-saving expert, Martin Lewis has explained what the energy prices will be in the coming months and it looks as though the energy price cap is slowly dropping, with one or two rises as time goes on.
Martin Lewis explains the upcoming energy price cap
As reported by LadBible, money-saving expert, Martin Lewis reminded his followers on X that starting from October 1, the energy price cap has dropped by 7%. This means that for every £100 you will be paying £93 instead.
He then explains that come January 2024, the energy price cap will rise by 3.5%, meaning for every £100 you will pay £96.50.
Then in April 2024, he predicted that the price cap would drop once again by 4%, so for every £100 you will pay £92.50.
The final predictions for energy prices are for July 2024, when it’ll drop by 2.1%, so £90.50, then in October 2024, the prices will rise again by 2.7%, so for every £100 you will pay £93.
Martin Lewis then explains that it is almost impossible to predict any further and compares it to ‘crystal ball gazing’.
This means that the average energy bill for those in England, Wales and Scotland will drop from £2,074 to £1,923 for three months.
Energy bills are still higher than before the cost of living crisis
Even though it is good news that the energy price cap will drop in the upcoming months, it is still 50% higher than the pre-cost of living crisis period, according to LadBible.
Moreover, the Government hasn’t announced any plans for financial help similar to last year, when the Energy Price Guarantee - which has been axed - limited average bills to £2,500 per year as well as offering households an extra £400 over the course of 6 months.
Simon Francis, co-ordinator of the End Fuel Poverty Coalition, which is part of the Warm This Winter campaign, said:
Average energy bills are still almost double what they were three years ago and Government help for households, which was available last winter, has been axed. This means this winter will feel worse for many households.
Read more:
⋙ Brits could receive £500 of heating bill help, find out if you are eligible
⋙ Brits can receive multiple payments totalling up to £1,100 from Government, are you eligible?
⋙ As energy bills are set to rise this winter, here’s how you can save £400
Sources used:
LadBible: ‘Martin Lewis makes prediction on how much you’ll need to pay for energy in coming months’
