UK Energy Bills Set to Skyrocket
By the end of this year, many households might have to break the bank – or at least the fridge – to stay warm. Experts warn the official price cap could double, meaning a single bill could hit around £500 in January.
Why Russians Are in the Mix
- BFY Group’s Crystal Ball: Forecasts the cap soaring to a monstrous £3,850 between January and April 2023.
- What’s causing the chaos? Vladimir Putin has jacked the gas supply to Europe, sparking a chain reaction that even the UK feels.
- Even though Britain scrapes in barely any Russian gas, Europe’s supply hiccups ripple through our electricity and gas budgets.
Hard‑Hit Prices
Remember that April pinch when bills surged to a staggering £1,971? That’s not a typo. It was the price surge after Moscow allegedly started “weaponising” gas while Western sanctions kept the flow in check.
Heart‑Touching Forecast by Dr. Gemma Berwick
“As the Nord Stream 1 pipeline maxes out at only 20% of its capacity, wholesale prices are climbing faster than the weather in a UK summer,” explains Dr. Gemma Berwick, senior consultant at BFY Group.
- Q4 2022 cap: £3,420
- Q1 2023 cap: £3,850
She adds, “Leading to an average household bill of just over £500 for January alone.” That’s more than the cost of a decent cup of tea.
Ofgem’s Call to Action
The utilities consultancy predicts Ofgem will be forced to step in to set the October price cap at £3,420 and tweak it again in January when the next review rolls around.
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