Money saving expert Martin Lewis has said he 'feels sick' after the latest energy price cap predictions for this year were revealed. Experts are suggesting the price caps could go up by as much as 64% in October, 2022. With millions across the country already struggling amid the cost of living crisis, news of the price spike is likely to come as a huge blow to many.
Taking to Twitter to share his thoughts, the presenter said: "I feel sick writing this! I've just got the latest price cap predictions from @CornwallInsignt."
Martin Lewis has said that the October price cap prediction has gone up 64%. This results in a rise of £3,244 per year on typical bills. January's price cap prediction is up 4% resulting in £3,363 per year.
He added: "It's horrendous. Especially as we're now near the end of the assessment period that sets Oct's cap, so this is the right ball park. The Oct prediction is now £450/yr HIGHER than Ofgem mooted in May & that was what Sunak based the £400-£1,200/yr help on. More will be needed!"
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Martin Lewis told his followers that Ofgem sets the price cap based on wholesale prices. He said: "The big profits aren't being made by retail energy suppliers, but by oil & gas producers (tho sometimes they're the same firms)."
The Money Saving Expert has urged people to share the new findings. He added: "People need to know what's coming to see if they can prepare for it."
In another tweet, Mr Lewis said: "NEWS: I feel sick writing this! I've just got the latest price cap predictions from @CornwallInsight A huge spike in the key year-ahead wholesale price means OCT cap prediction UP 64% (so £3,244/yr on typical bills) JAN cap prediction UP 4% (so £3,363/yr)
"Rough Ready Reckoner based on predicted future price cap... If you pay £100/mth now, from Oct £165, Jan £170. If you pay £150/mth now, from Oct £250, Jan £255.
"If you pay £200/mth now, from Oct £330, Jan £340. If you pay £300/mth now, from Oct £495, Jan £510.
"I'm sorry."
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