The most recent forecasts at the time of writing predict average household energy prices will soar by around £1,600 from current levels to more than £3,600 a year, a hike of more than 80%. The next quarterly price cap rise, next January, could see these bills climb still higher.
What’s more, the latest predictions have come from market experts Cornwall Insights, so they’re likely to be pretty accurate.
Yet many households underestimate the sheer scale of the increase, according to research from one well-known comparison website. Its study found that just 8% of people thought that bills would go up by the experts’ prediction of over £1,500. Equally, more than 25% of households reported not knowing what is likely to happen to the energy price cap.
Industry regulator Ofgem is set to announce the price cap rise on August 26 as calls for government action to ease the cost-of-living crisis grow. And although the £400 of state help, to be paid in six instalments, is set to kick in later in the year, many say this won’t be enough to help families already struggling to afford fuel, food and mortgages. Equally, there’s no real consensus on how best to tackle the problem. Meanwhile, consumer groups and energy firms have warned that the crisis could push millions into fuel poverty.
Could fixing your energy help you?
While most energy suppliers can only offer prices at the maximum cap, Utility Warehouse (UW) already offers variable prices up to 5% below it. But now we’re giving customers the chance to protect themselves from future price cap hikes by fixing energy tariffs.
If you already take two or three other services with us, you can fix your energy at £2,950 annually for a year on average – until August 31 next year. Here’s what that means:
- Together with the £400 government rebate, you effectively save £808 saving the forthcoming price cap rise
- As a multiservice customer, you can also use our prepaid debit card to enjoy up to 10% cashback when shopping with our participating retail partners
- Use two services or more from us at UW and qualify for 1% cashback wherever you spend, with the money coming straight off your monthly bills
Remember, we also offer great deals on superfast broadband, mobile and boiler and home insurance cover.
Get in touch today to learn more about why fixing your energy tariff this winter could be absolutely right for you, at a time when, for many of us, regular household bills have never felt more worrying.