Energy bills in Great Britain forecast to jump by £276 a year from January
Summary
Energy bills in Great Britain are expected to increase by £276 per year starting in January due to rising gas prices linked to the conflict in the Middle East. The government’s energy price cap will rise by 16% to nearly £2,000 annually for the average household, marking the highest level in four years.Key Facts
- Household energy bills in Great Britain are forecast to rise by £276 per year from January.
- The government’s energy price cap will increase by 16% to about £1,999 annually for typical dual-fuel (gas and electricity) bills.
- This rise is significantly higher than the previously predicted 9% increase.
- Gas prices in Europe have doubled recently, reaching their highest in three years due to the US-Israel war's impact on the Middle East.
- Gas storage levels in Europe are at their lowest in 13 years, contributing to higher prices.
- Energy use over summer heatwaves and a cold end to last winter resulted in lower gas stocks than usual.
- From Thursday, electricity and gas unit prices will increase, pushing the typical annual combined bill to around £1,723.
- Actual bills may vary depending on individual household energy consumption.
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