Runner Up - Local Business of the Year Award 2024 (Third Sector)

NEWS

Increased energy bills from January

Newtown residents are set to be hit with an increase in their energy bills from January as Ofgem, the energy regulator, announced a rise in the price cap.

4 months ago 738 views

The image for Increased energy bills from January
 

Newtown residents are set to be hit with an increase in their energy bills from January as Ofgem, the energy regulator, announced a rise in the price cap.

  Sign up today

Click here to get your free All About Newtown account today and get localised stories and much more.

9 stories left to view without an account.

The average household energy bill is predicted to rise by £94 per year, driven by rising costs in the international wholesale energy market.

The current price cap stands at £1,834 for a typical dual fuel household, but this will increase to £1,928 from January 1.

The rise in prices is mostly attributed to market instability and global events, particularly the conflict in Ukraine.

Ofgem chief executive Jonathan Brearley expressed understanding for the concerns surrounding the increase, stating, "This is a difficult time for many people, and any increase in bills will be worrying."

Brearley went on to explain that the increase is necessary to reflect the rising cost of gas and electricity in the wholesale market. However, Ofgem has made it clear that suppliers should provide support to customers who may struggle with the increased bills.

Brearley also highlighted the return of choice to the energy market, suggesting that customers consider shopping around for more competitive tariffs that offer either the security of a fixed rate or a more flexible deal below the price cap.

The energy price cap sets a limit on the maximum amount suppliers can charge for each unit of gas and electricity. It is not an absolute cap on bills and therefore those who use more energy will face higher bills.

Share   


Related or similar stories based on this one

Image for the article Age Cymru offer free home energy checks
Age Cymru offer free home energy checks

9 months ago

Image for the article New project launches to save residents money on their energy bills
New project launches to save residents money on their energy bills

4 months ago

Image for the article Households braced for bill increases
Households braced for bill increases

1 week ago

Image for the article Ofgem slashes energy price cap to £1,923
Ofgem slashes energy price cap to £1,923

7 months ago

Image for the article Householders warned about traders offering to install home energy products
Householders warned about traders offering to install home energy products

10 months ago

Image for the article Welsh Government Fuel support scheme extended to more than 400,000 low-income households after £90m investment
Welsh Government Fuel support scheme extended to more than 400,000 low-income households after £90m investment

1 year ago

Business of the Week
The Dressmaker's Daughter

Severn Street

Follow us

Connect with us on Facebook, X (formerly Twitter) and Instagram

   

Trending
Vaping campaign to target school children

2 days ago

Health Board votes to oppose Air Ambulance base reforms

1 day ago

Robins home gets new name

19 hours ago

Donate to us

We're a not-for-profit community interest company and have no corporate owners. We'd appreciate anything you can give to keep us providing free content.

  Donate via PayPal
Upcoming Events
Wayzgoose & Print Fair

13/04/24 10:00am

NYP - The Snow Queen

13/04/24 05:00pm

Baby Yoga

15/04/24 10:15am

Latest Stories
Thank you so much!

6 hours ago

Social service recruitment events 'flop'

8 hours ago

Robins home gets new name

19 hours ago