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Households underestimate energy price cap increase by over £1,000

Households underestimate energy price cap increase by over £1,000

With the energy price cap level due to raised on 26 August, new Uswitch research has found that UK households are vastly underestimating the amount it is due to increase by.

Households surveyed believe that the price cap will increase by just £487. Energy market analysts, however, are currently predicting it will increase by £1,611 - over £1,000 more. One in ten customers think that the price cap is actually going to go down.

Richard Neudegg, director of regulation at Uswitch.com, said: “With the summer holidays in full swing, it’s not surprising that so many people haven’t been on top of the news about changes in the price cap.

“The promised £66-a-month over winter, while a good start, will barely touch the sides of the predicted increase.

“The energy bill support needs to be urgently reviewed. The new predictions will leave a lot of people worried about how they are going to afford their bills this winter and beyond, based on the sky-high predictions through to next October. Households desperately need to know that sufficient financial support will be provided.

If you are worried about your bill payments, or your energy account is going into debt, speak to your provider as soon as possible. They should be able to help you find a way forward, such as working out a more affordable payment plan. You may also find you are eligible for additional support such as hardship funds and other energy help schemes.”

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