Ofgem Warns of October 1 Energy Price Rise

Millions of UK households are facing a 10% increase in energy bills as Ofgem's new price cap rises from £1,568 to £1,717 annually, affecting those on standard variable tariffs starting October 1. The increase translates to an additional £149 annually for typical dual fuel households, although exact costs may vary based on usage and region. Consumers are urged to submit meter readings promptly to avoid being overcharged and to consider switching to fixed tariffs or using online calculators like the one from Nous.co to manage costs effectively. Predictions from Cornwall Insight suggest a slight decrease in energy prices in January 2024, providing a glimmer of hope. Authorities and experts, including Martin Lewis, have advised households to take proactive steps to mitigate the impact, including applying for financial support through schemes like the Household Support Fund and adjusting energy consumption habits.