UK annual energy costs are anticipated to exceed £5,000| MENAFN.COM

Monday, 26 September 2022 06:27 GMT

UK annual energy costs are anticipated to exceed £5,000


(MENAFN) According to the most recent projection made by the UK independent energy consultancy Auxilione, the average annual energy bill in Britain is predicted to rise above £5,000 (nearly $6,100) in 2023.

Average households are likely to spend about £571 on energy each month, based on the rising UK energy price cap, an officially established reference point. The country's energy industry regulator, Ofgem, announced last week that due to the high volatility of the energy markets, the cap would change every three months rather than on a regular six-month basis.

When Ofgem releases the findings of its most recent review on August 26, the UK-based consultancy anticipates that the price cap will be set at "just over £3,600." The cap would increase in October before rising above £5,000 in the first half of 2023, according to the analysts.
The most recent warning follows a sharp increase in wholesale British gas prices this week and comes three days after consultancy firm Cornwall Insight predicted that January's price cap would reach £4,266.

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