The cost of energy is set to rise in January for households as the energy price cap is increasing. As a result of this increase, the typical households yearly bill is thought to jump to around £1,738 on average. This will be the second increase in Ofgem’s price cap this winter. The energy price cap itself establishes the maximum rate that energy suppliers can charge customers for the standing charge and unit cost of electricity and gas supplies.
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00:00The cost of energy is set to rise in January for households as the energy price cap is
00:06increasing. As a result of this increase, the typical household's yearly bill is thought
00:10to jump to around £1,738 on average. This will be the second increase in Ofgem's price
00:17cap this winter. The energy price cap itself establishes the maximum rate that energy suppliers
00:23can charge customers for the standing charge in unit cost of electricity and gas supplies.
00:29Analysts have reported that bills are around 50% higher than pre-Covid levels and that
00:35it's predicted they will rise by a further 3% in April. Back in 2022, it was reported
00:41that energy prices jumped due to the conflict between Russia and Ukraine. Dr Craig Lowry
00:46said that, with a Trump presidency on the horizon and an uncertain geopolitical situation
00:52in the Ukraine and the Middle East, the uncertain wholesale market looks set to remain. But
00:57what do you think about the rise in energy cap prices?