Experts have advised ‘sitting down before reading on’ as the latest forecast on the energy bill cap suggest customers could be paying several hundred pounds more than predicted earlier this week.
An analysis at energy consultancy Auxilione predicts the price cap on energy bills could reach an eye-watering £3,687 in October – close to double today’s already record levels.
Experts also see further rises in 2023 for Kombi Servisi the 24 million households whose bills are governed by the price cap.
Experts at energy consultancy Auxilione predict bills will continue to soar throughout 2023
According to their analysis, the cap could hit around £4,400 in January, Kombi Servisi although the predictions came with caveats.
Auxilione said it was double-checking its figures due to changes made by energy regulator Ofgem to the price cap rules.
‘We release today’s view with a caveat that we are having to re-do our analysis this week to ‘double check’ that the outputs are correct.Be sure to be sitting down before reading on,’ it said.
The price could balloon further to £4,700 in April, the experts said, although they warned that forecasts so far ahead are more likely to be unreliable.
If true, it would mean a price cap more than four times higher than before the gas price crisis started last year.
Falls will not happen until July when the price cap might dip to £4,000 – but this is still double current levels.
Latest analysis shows customers could be paying several hundred pounds more in energy bills
Auxilione said the changes – which added around £400 to the January price cap compared to Friday’s forecast – were largely due to new Ofgem rules that were announced earlier this week.
‘On Thursday, Ofgem released their final models including some changes to allowances within the cap, such as recovering some of these over a shorter period of time,’ it said.
‘Having now analysed these has left us wondering if these are showing the correct outputs.
‘Over the last 24 hours we have been comparing our values with other analysts who also seem to be in the same position as us – in disbelief at the values. If you have any inquiries concerning where and the best ways to use Kombi Servisi, you could call us at our web site. ‘
<div class="art-ins mol-factbox news" data-version="2" id="mol-87836af0-15a4-11ed-a23c-65a7b15303b9" website bills could hit £3,687 in October and £4,400 by April
