Support 100 years of independent journalism.

  1. Chart of the Day
4 August 2022

How UK energy bills are set to surge again

Typical energy bills are forecast to be over £3,000 a year until at least 2024.

By Isabeau van Halm

The British energy price cap is forecast to rise to £3,359 in October 2022 and to £3,616 in January 2023 as consumers endure the highest inflation for 40 years. Cornwall Insight, the energy consultancy, predicts that “a typical household’s energy bill will be well over £3,000 a year for the next 15 months”.

Ofgem confirmed today that the cap, which is £1,971 at present, will now be updated quarterly instead of twice a year, so that it can be adjusted more quickly to market volatility. The energy regulator warned that UK customers will face a “very challenging winter” as inflation surges due to geopolitical tensions and uncertainty over Russian gas supplies.

The next price cap level will be announced at the end of August.

[See also: Can interest rate rises reduce the UK’s “astronomical” inflation?]

Sign up for The New Statesman’s newsletters Tick the boxes of the newsletters you would like to receive. Quick and essential guide to domestic and global politics from the New Statesman's politics team. A weekly newsletter helping you fit together the pieces of the global economic slowdown. The New Statesman’s global affairs newsletter, every Monday and Friday. The best of the New Statesman, delivered to your inbox every weekday morning. The New Statesman’s weekly environment email on the politics, business and culture of the climate and nature crises - in your inbox every Thursday. Our weekly culture newsletter – from books and art to pop culture and memes – sent every Friday. A weekly round-up of some of the best articles featured in the most recent issue of the New Statesman, sent each Saturday. A newsletter showcasing the finest writing from the ideas section and the NS archive, covering political ideas, philosophy, criticism and intellectual history - sent every Wednesday. Sign up to receive information regarding NS events, subscription offers & product updates.

Content from our partners
How to create a responsible form of “buy now, pay later”
“Unions are helping improve conditions for drivers like me”
Transport is the core of levelling up