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Cost of living: Energy bill calculator shows how much it might cost you next year

Document Cited in Related
Vincent
Published date14 August 2022
Publication titleMyLondon (England)
MyLondon's Data Unit has created a calculator which will predict how much your average bill could be in both October and January when the price cap is set to rise again. According to our calculator if you're paying £50 per month right now, this October you'll be coughing up £90,87, which will potentially rise to £108.21 in January

If you currently pay £100, by October you'll be paying £181.73 and £216.42 by January. If the Government doesn't urgently intervene families may be paying up to £5,300 per year from next April.

READ MORE: DWP shares new update on £400 energy bill discount and how you can get it

Numbers seen in price caps are based on the average home's energy consumption. The cap itself is based on the price that suppliers pay to buy energy which they then sell on to households. It changes four times a year – in October, January, April and July.

The majority of the prediction window for October's price cap has passed, meaning forecasters are very confident that their predictions will not be far off when Ofgem announces the cap level two weeks today, on August 26.

Forecasts provide a good indication of where the cap might be set if prices do not change much from where they are...

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