Martin Lewis issues warning about amount your energy bill will rise by in weeks

ok.co.uk:

Money Saving Expert founder Martin Lewis is warning of another energy bill increase that could add extra strain on families’ budgets during the cost of living crisis.

Martin shared his warning on Good Morning Britain saying: “Based on the current prediction, which is likely to be right with a very small margin of error, is this - for every £100 direct debit you currently pay, you will be paying £181 and in January £215.” Martin's warning follows prognosis from Cornwall Insight - who provides independent analysis to businesses in the energy market - that bills will rise to approximately £3,582 in October.

Another rise is expected in the New Year to £4,266. Martin appeared frustrated with the “absolutely catastrophic” price hike and accused the government of inaction, saying they are “sitting like zombies.” He said: “What we're facing here is a financial emergency that risks lives." The government’s regulator for electricity and gas, the Office of Gas and Electricity Markets (OFGEM) recently announced a change in how it would calculate the price cap on energy bills going forward.

OFGEM reviews the energy price cap twice a year, which is supposed to limit the amount suppliers can charge its customers. In a new change to the review rules, the regulator announced it will be reviewed twice as often, to four times a year.This means bills may soar not just twice a year, but four times a year instead.