A report suggests that the expected January 1st price cap could drive annual energy bills up to £2,083.
According to recent projections by Investec, an asset management firm, annual energy bills may soon exceed £2,000 once more in the upcoming year. This expectation arises from the forthcoming energy price cap set to take effect on January 1st, which is anticipated to elevate the average cost of gas and electricity to £2,083. This would constitute an 8% increase compared to the current cap level.
Earlier, Cornwall Insight consultancy had predicted that the January price cap would likely rise to around £2,000 from its October level. Currently, the October cap is set at £1,923, representing the first time it has fallen below the £2,000 mark since last summer.
The exact amount of the January price cap has yet to be finalised and will be announced later this year.
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