Energy experts have said it is “difficult to see how many will cope" this winter as a final prediction suggests the price cap will increase by 80 per cent to an eye-watering £3,554 from October. It is the final forecast from the industry analysts before regulator Ofgem announces the new price cap on Friday, which will come into effect on October 1 and last until the end of the year.
But Cornwall Insight warned things will get worse for millions of people after that and said their analysis shows energy prices are set to rise to £4,650 from January. So between October and April - which includes the coldest months of the year - the average household will pay an equivalent £4,102 per year for their gas and electricity.
It would be a massive jump from today's £1,971 price cap, which is already a record high, and much steeper than the £1,138 seen last winter.
Cornwall Insight said: “While the energy price cap rise in April was already an unprecedented increase in domestic consumer energy bills, our final predictions for October are truly concerning.
"With the cost of living spiralling and households looking at an energy bill rise of over £1,500 equivalent per year, it is difficult to see how many will cope with the coming winter."
From April the price cap is expected to rise even further to £5,341. This will be for the spring and summer, so the impact on customers will be less severe.
However, the forecast still signals misery for households until the end of next year - bills will drop slightly to a still high level of £4,768 from July 2023, before hitting £4,807 three months later.
The energy price cap will now be updated every three months as opposed to the previous six monthly reviews.
Nicola Sturgeon is to chair a special summit to discuss what can be done to mitigate the impact of soaring energy bills.
The First Minister is bringing together representatives from both the power companies and consumer groups to consider what support can be provided to the people of Scotland.
She has already warned that many families will face "destitution and devastation" if energy prices increase again in October.
A UK Government spokesperson said: "We are providing a £400 discount on energy bills this winter, and £1,200 of direct support for the most vulnerable households.
"While no Government can control global gas prices, over 22 million households are protected by the price cap which continues to insulate households from even higher prices."
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