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Energy prices expected to rise under new price cap

August 22, 2024
in Business
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Energy prices expected to rise under new price cap
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While prices are much lower than their peak, they remain well above pre-pandemic levels, and financial support from the government has either been wound down or is being cut.

The final cost-of-living payment was made to eight million people on means-tested benefits in February, and the new government has announced it will halt winter fuel payments for 10 million pensioners in England and Wales this autumn. The payment is a devolved matter in Scotland and Northern Ireland.

Some households are already in debt to their supplier and now face increased prices in the run up to winter.

Dame Clare Moriarty, chief executive of Citizens Advice, said the charity was bracing itself for a “challenging winter”.

“The price cap increase will see a wave of households tipped into debt, billpayers forced to make impossible decisions to make ends meet, and families worried about the impact the cold will have on their loved ones,” she said.

“Energy prices might be down from the peak of the crisis, but with many already in the red and the removal of previous support packages, there’s still no light at the end of the tunnel for those in desperate need.”

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