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Energy price rises could be in effect ‘within weeks’

Energy bills could top £1,500 for the first time, leaving customers strapped for cash ahead of the cold weather months

cold couple bundled up warm clothes

Bills could rise by up to £142 per year

Citing an industry source, the Mirror said that bills could be set to rise by as much as £142 per year within the next few weeks. It is thought that the main providers will hike what they charge customers by 10% by November.

At three times the rate of inflation, this could represent a sizeable strain on the finances of consumers, especially at a time of the year when they will be using more gas to heat their homes.

‘Once one of the big six moves, the others are certain to follow’

The Mirror’s source said: “Unfortunately, we are expecting the announcement about price rises within weeks.

“Once one of the big six energy companies moves, the others are certain to follow. We’ll see rises that add more than £140 a year to most family bills.”

The rise would see the average annual cost of gas and electricity jump from the current rate of £1,420 to £1,542, the first time that the price of yearly bills has exceeded £1,500.

Energy companies ‘double profits’ in the space of a year

This comes at a time when Ofgem has just reported that energy companies have more than doubled their profit margins in the space of the last year.

It said that the big six were now bringing in £65 per household in terms of profit, a sizeable jump compared to the £35 seen at this time last year.

This latest raft of bill hikes will come at a particularly bad time for Brits, with a recent survey by the BBC stating that the cost of gas and energy is a worry for many.

It stated that 38% were already fretting over how they are going to be able to pay their gas and electricity costs this winter, with 63% deciding to ration their heating use in order to make sure they can afford their bills.

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Winter energy bills worry 38% of Brits

As energy bills look set to rise, is now the time to fix?