UK household energy bills to rise 10pc in October

23rd Aug 2024 09:46

(Sharecast News) - UK household energy bills will rise by £149 in October as part of industry watchdog Ofgem's new price cap.

Britons using an average amount of gas and electricity will pay £1,717 per year, a 10% year-on-year hike or roughly £12.42 per month, with Ofgem stating increased geopolitical tensions and extreme weather events had impacted the cost of wholesale electricity.

While the new prices will still be lower than in winter 2023, rising prices will hit 27.0m homes across England, Wales and Scotland as certain support for bills has been withdrawn by Westminster, with Downing Street announcing it will halt winter fuel payments for 10.0m pensioners in England and Wales.

Analysts also widely expect to see prices rise again in January.

Unite general secretary Sharon Graham said: "Heating and electricity bills will rise again this winter. That means energy companies will continue to rake in obscene profits, while working people struggle and pensioners shiver without their fuel allowance. These are the wrong choices when there is an overwhelming case for taking energy out of the hands of the profiteers and owning it ourselves."

Reporting by Iain Gilbert at Sharecast.com