Energy prices will be increasing from today
The price cap will increase by 5% on the previous quarter from 1 January to 31 March 2024.
For an average household paying by direct debit for dual fuel this equates to £1,928, a rise of £94 over the course of a year – around £7.83 a month.
The price cap, updated every quarter, sets a maximum that can be charged to customers for energy bills.
The price increase is driven almost entirely by rising costs in the international wholesale energy market due to market instability and global events, particularly the conflict in Ukraine said the regulator Ofgem when it announced the increase back in November
Ofgem chief executive Jonathan Brearley has acknowledged that many people are currently having a “difficult time” and that “any increase in bills will be worrying”.
It comes as Citizens Advice said it was helping record numbers of households with energy debt and seeing more people than ever who could not afford to top up their prepayment meter.
