Energy bills could hit more than £4,200 a year from January, according to new analysis. Experts at Cornwall Insight say the average home will pay £3,582 from October 2022 and £4,266 a year from January 2023.
The price cap sets the maximum amount energy companies can charge per unit for gas and electricity - and the average bill is based on what the predicted cap will be. The cap is set by Ofgem based on the wholesale price of energy.
Prices rocketed in April this year and will go up again in October. Ofgem has said prices can be adjusted every three months so energy firms can cope with the rapidly changing costs of oil and gas.
The firm's predictions got worse from last week, when the firm said gas and electricity bills would be £3,359 a year in October and £3,616 in January. The amounts have now been adjusted up again.
A Cornwall Insight statement said this was due to "a change in calculation methodology" by energy regulator Ofgem, reports The Mirror.
Experts at Cornwall Insight have said that energy bills will rise by around £200 more than it previously thought between October and November this year and will increase even further in January.
The energy consultancy said bills will reach approximately £3,582 per year for the average household from October.
It then forecast bills at £4,266 from January, and £4,427 from April.
The cap will then start falling, hitting £3,810 in the three months from July and £3,781 from October next year.
Cornwall blamed the new increase on rises in the wholesale price of energy and changes that regulator Ofgem has made to how it calculates the price cap.
