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Monday, 25 March 2019 06:41

Energy price cap raise - millions to pay more

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When Theresa May announced that the Tories were going to put price caps in place and 'help' millions of people who were sinking under ever-rising energy prices, many people were actually stupid enough to believe the hype.

Instead, as yet, we haven't seen anything concrete be done to help people who struggle to pay their energy bills, and the complete opposite has happened - energy prices have gone up, not down.

Just today, we wake up to the news that the cost of energy will again increase in a couple of months as the official regulator Ofgem looks to raise price caps.

Voters were told at the last election that price caps would be put in place so that energy firms couldn't run riot with the amount they charged, and this, in turn, would alleviate the pressure on consumers when it came to paying bills.

Fast forward to April 2019, however, and over half of UK households are anticipated to see their energy bill rise again as price caps get upped.

When questioned, the regulator stated that this move was necessary so that suppliers could cover the higher costs that are being put on them with regards to the wholesale market. The regulator also stressed that customers are not being overcharged for their energy, but that these rises are going towards the cost of energy which has increased.

Despite the regulator's reasons, however, people are still not happy that they will be out of pocket again.

People on SVTs are to be the worst affected, with well over 10 million people expected to pay more. People on prepayment meters are expected to feel a hit to the pockets too.

You probably already know what our advice will be if you're set to be affected. Shopping around for the cheapest deal is the only way to ensure you are getting the best deal for your usage.

 

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