On August 26, energy regulator Ofgem announced the price cap will rise by 80 per cent.
This will push the average yearly energy bills up to £3549 (around £295 per month), and come January, energy experts forecast the price cap will jump again to £5,386.71 and a mammoth £6,616.37 in April, according to Cornwall Insight.
There is pressure growing on the UK Government to intervene but they have said nothing will be done until a new Prime Minister is chosen on September 5. Martin Lewis responded by urging whoever will be charge, be it Rishi Sunak or Liz Truss, to have a plan on day one of their new job.
READ MORE- Martin Lewis issues warning on ITV's Lorraine that there 'will be deaths' due to energy crisis
Edinburgh Live spoke to locals about how they felt on the rising costs.
Linda Carr, 43 an estate agent from Edinburgh said: "I find it ridiculous that it is being allowed to happen. It is not a "cap" in anyway. There are a lot of people getting very rich from it and a lot of people becoming poorer.
"It is disgusting, pure exploitation and will continue until breaking point when they cannot get away with it anymore. There should be huge incentives, like there used to be, for renewable energy like solar panels etc. The world has gone completely mad."
Speaking about how she will do things differently, she explained: "We got a wood burner a couple of years ago which I think is going to help us although the wood can cost a lot too! But we have just been buying some here and there and I've been foraging a little.
"Other than shouting at my 14 year-old son to get out the shower in less than 25 minutes and switching a lot of things off at the mains, I don't think there is much anyone can do to make a noticeable difference.
"I mainly work from home, but out and about a fair bit so petrol costs are a nightmare too. Plus the max you can claim for fuel I think is 45p per mile, which also needs reviewed."
Meanwhile, NHS nurse Megan admitted that the growing costs are fueling her anxiety. She said: "I feel anxious regarding the massive increase in energy bills and general cost of living, as a nurse I feel lucky to have a stable income but worried for the future and how we will manage to pay our bills."
Michelle Macleod, 44, a mental health nurse from Leith said that the new price cap is: "Horrendous. It's a heat hike looming, everyone is awaiting with fear, awaiting what damage it will do to businesses and livelihoods."
Louise Arnot, 35, from Bruntsfield said that she will be limiting how much she will be using her central heating and will stop using the dishwasher.
She added: "It makes me so angry that the energy companies are already making astronomical profits and yet they feel the need to rip us off even more. Their greed is going to lead to poverty, soaring rates of poor mental health and tragically it will cost lives too. The government is beyond a disgrace if it lets this happen. Energy companies should be brought into public ownership immediately."
A Government Spokesperson said: “We know people are incredibly worried about rising energy bills, following unprecedented gas prices across the continent driven by global events, including Putin’s aggression in Ukraine and his weaponisation of energy in Europe.
“Direct support will continue to reach people’s pockets in the weeks and months ahead, targeted at those who need it most like low-incomes households, pensioners and those with disabilities. As part of our £37 billion package of help for households, one in four of all UK households will see £1,200 extra support, provided in instalments across the year, and everyone will receive a £400 discount on their energy bills over winter.
“The civil service is also making the appropriate preparations in order to ensure that any additional support or commitments on cost of living can be delivered as quickly as possible when the new Prime Minister is in place.”
Jonathan Brearley, CEO of Ofgem, said: “We know the massive impact this price cap increase will have on households across Britain and the difficult decisions consumers will now have to make. I talk to customers regularly and I know that today’s news will be very worrying for many.
“The price of energy has reached record levels driven by an aggressive economic act by the Russian state. They have slowly and deliberately turned off the gas supplies to Europe causing harm to our households, businesses and wider economy. Ofgem has no choice but to reflect these cost increases in the price cap.
“The Government support package is delivering help right now, but it’s clear the new Prime Minister will need to act further to tackle the impact of the price rises that are coming in October and next year. We are working with ministers, consumer groups and industry on a set of options for the incoming Prime Minister that will require urgent action. The response will need to match the scale of the crisis we have before us. With the right support in place and with regulator, government, industry and consumers working together, we can find a way through this.”
How do you feel about the rising cost of energy? Let us know in the comments.
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