Home Business News Experts warn that almost 10 million household energy bills will surpass £3,700 a year until at least 2024

Experts warn that almost 10 million household energy bills will surpass £3,700 a year until at least 2024

by LLB staff reporter
2nd Aug 22 2:49 pm

Almost 10m households will face a fuel poverty, Charity National Energy Action last month predicted  should the average bill reach £3,250 per year.

Cornwall Insight who are one of the UK’s most respected energy firms also gave a dire warning that millions will face household energy bills of up to £3,359 per year from October which will not fall until at least the end of 2024.

Therefore 8.2m UK households, or one in three, will be in fuel poverty and from January the price cap on energy bills who regulate 24m households have warned Brits will pay £3,616 with a further rise of £3,729 in April.

Craig Lowrey, principal consultant at Cornwall Insight warned, “Customers will be sadly used to these ever-increasing price cap forecasts.

“We have less than a month until the new price cap is announced and given the trends in the wholesale market and the concerns over Russian supply, unfortunately the only change to the prediction is likely to be up.

“While the rise in forecasts for October and January is a pressing concern, it is not only the level but the duration of the rises that makes these new forecasts so devastating.”

Dr Lowrey joined other experts and said that the government support will “only scratch the surface” for millions of households.

“While the government has pledged some support for October’s energy rise, our cap forecast has increased by over £500 since the funding was proposed, and the truth is the £400 pledged will only scratch the surface of this problem.”

He warned that “tinkering with VAT and policy costs will only make a dent in bills.”

Leave a Commment

You may also like

CLOSE AD

Sign up to our daily news alerts

[ms-form id=1]