Energy price cap expected to rise by £830 to £2,800 in October, says Ofgem chief

41 comments
  1. I signed a 2 year fix with Octopus in June 2021 so have yet to experience the new costs but I am so scared when that runs out. Currently paying £74 a month for a 3 bed. Am I right in the cost will probably jump to around £250 at the end of my fix?

  2. I’m a teacher and my wife a lawyer. We genuinely won’t be able to afford this without literally turning the heating off and not… Well doing anything. How in god’s name are people on or near the breadline expected to handle this? Surely, surely the government have to do something this time, even *this* government.

  3. How are people supposed to pay this? Thats a good chunk or maybe a high percentage of someones salary just on energy?

    ​

    I keep hearing the price cap protects customers, all i see is that it shafts them while the energy companies rake it in

  4. 1973 recession https://en.m.wikipedia.org/wiki/1973%E2%80%931975_recession

    1980’s recession https://en.m.wikipedia.org/wiki/Early_1980s_recession

    1990 recession https://en.m.wikipedia.org/wiki/Early_1990s_recession

    2000 dot com bubble https://en.m.wikipedia.org/wiki/Dot-com_bubble

    2008 credit crunch / Great Recession https://en.m.wikipedia.org/wiki/Great_Recession

    2020 covid19 recession https://en.m.wikipedia.org/wiki/Coronavirus_recession

    2030 AI unemployment recession

    2040 Climate Change

    “May you live in interesting times”

  5. Meanwhile these companies that have no choice but to raise the prices to these extorionate level are are making obscene profits that they never thought imaginable. Can’t tax them though. That would be bad.

  6. This is the perfect storm.

    Prices rising, cost of living rising massively, interest rates rising.

    RIP housing market. RIP stability

  7. I don’t know what we are going to do.I am on disability and we were struggling before the price rise in April. And we are on a pre-payment meter for gas and electric.
    Everything keeps going up, gas, electric, internet, food, council tax…
    We were already only heating one room in winter,using blankets, layering up clothing ,shopping carefully. And yes despite being poor I can budget, cook from scratch, don’t have Netflix or a car or mobile phone nor holidays or any other luxuries.
    What are people supposed to do when there is nothing to cut back on?
    What about people with small kids? The whole system is falling apart. This government has broken its social contract completely, and they don’t care because they have absolutely no empathy or understanding of what it is like to be cold and hungry.
    How do we effect change?

  8. If anyone has ~£500 available I suggest getting smart TRVs. Mine are going to pay for themselves in less than 1 year. And you reduce demand on the network which lowers prices for everyone.

  9. The combo of rent, utilities and increased council tax is fucking me as is, never mind a further electric hike. I feel another recession coming.

  10. It’s at this point I’d say that Ofgem itself needs an overhall. They can’t keep allowing for companies to put prices up. Forcibly cut prices for consumers then subsidise the energy companies to stop them from going bankrupt.

  11. Here’s a novel idea, why not use the price cap to say… I don’t know… lower the prices?

    Funny how a public sector wage cap of 1% can last 9 years, but an energy price “cap” can be increased by double or even triple-digit percentages multiple times per year!

  12. Why are they doing this to us?

    They know a lot of us can’t afford it. And that’s it. We just can’t afford it, so we can’t pay it. Or we can pay it but we starve.

    Why is nobody involved in any part of this process, from start to end, sitting down and looking at the numbers and saying “this is unfeasible people just won’t be able to pay it”.

    What’s the point in raising the prices of a product you sell to a point where people can’t afford to buy it anymore? Isn’t that bad business? Honestly help me out here I don’t understand the economics behind it.

  13. Fish me.

    >He said the price rises were a “once in a generation event not seen since the oil crisis in the 1970s”.

    Wholesale prices are the lowest they have been in the last 18 months and they’re raising the cap by £829 ?!?

  14. This is getting fucking scary now. How is the average person supposed to afford these massive price rises? I am barely scraping by now with the recent increase and we haven’t had the heating on once since they went up, we use way more energy in October so it’s going to be disastrous

  15. There are quite a few comments here along the lines of “if you are in x profession, surely you can’t be in trouble!?”.

    Look, I think that’s massively missing the point.

    Everyone is feeling this. Yes, some more than others, but the wider issue is that certain interests are counting on us turning on each other to detract attention from the fact they could do something to make things slightly more bearable for us all, but won’t.

  16. At this rate i’m never going to be able to afford to move out. Instead, i’ll end up back in the office five days a week to save on costs.

    Actually, I wonder if I could end up living **in** the office.

  17. I’m willing to bet that the energy company shareholders will be kept well fed and warm whilst pocketing increasingly huge profits.

    This is disgusting and beyond belief, how can you trust the government.

    Who do I vote for next time ! They are all liars with a hidden agenda.

  18. Fulltime unpaid carer here, with disabled wife. Our energy bill went from £1150 to now £2280 (Octopus fixed rate) with the last increase, for a single bedroom. We are already selectively heating, if this increase gets handed down to us, well.. I’m not sure how we’re supposed to do this. The government is on about oh how they helped so much, fuck off. Compare the rise in energy prices for the UK compared to the rest of europe and you can see exactly what they did. Nothing. My parents who live in germany “complained” about an around 100 euro increase annually. We pay now more for food, we now pay more for petrol (we have to “commute” to multiple hospitals, one of them 50 miles away one way) – it’s absolutely infuriating how those despicable crooks even dare talk about “getting into work rather than increase benefits” – listen you shits, my wife physically can’t work (legally disabled), and i’m caring 24/7. What are we supposed to do, other than just sit in the dark and cold while hungry? I’m a friendly human being, but Johnson and his festering crew better never physically come close to me. I’ve lived in constant anxiety, fear and worry for long enough now that i couldn’t care less whether or not it’s a “mature” thing to break a nose.

  19. The DWP are probably going to reduce my Universal Credit by ~£130 per month by the end of the year. My rent, which increased today, is now £101 per month than the ‘allowance’ that I am paid.

    At somepoint within the next two years I will likely need to have an aortic valve replacement. The medication for my heart condition isn’t working correctly based on my blood pressure. The medication for my mental health stopped working years ago.

    Today is a relatively good day for my mental health. But there are days when I hope I go into the operating theatre and not wake up. And I know that relative to others, whilst my situation is bad it is far from the worst. Far, **far** from it.

    The worst part? Enough people in this country will accept the rhetoric, spin, bullshit, and downright lies fed to them by the Government and the media that somehow this isn’t the fault of the people supposedly running the country.

  20. Yeah I’m already broke so I guess this will make me homeless.

    Thanks Tories. Please don’t be surprised when I protest right outside your homes.

  21. This is a genuine question…or two

    Firstly why aren’t there wide spread protests about this?

    And secondly how does one go about organising something?

    I think it’s reasonable that people take an opportunity to protest and demand something be done. We allow ourselves to pay more and allow the Government not to intervene when we don’t take action

    Other countries aren’t seeing these kinds of increases so why would we?

    What about a nation wide halt on paying bills? If we had enough people to cancel their direct debits or refuse to pay their bills it might be enough to force some change? I’d rather eat than keep my lights on and if it came to it, I’d stop paying my bills to make sure I could eat

  22. With this, food, petrol, rent, house prices, how are people supposed to plan for kids in this economy? Every promise made to Millennials and Zs when they were young is being broken. The conservative ethos at its core is if you don’t already have everything you need, fuck you.

  23. The only way I can see something like this ever changing is a mass non-payment campaign.

    Millions of people refusing to pay would send a strong message. Once a few firms started going under the government would be forced to take drastic steps and intervene.

    It worked for the Poll tax. There’s a precedent for it.

  24. I think its time for people to stop picking at others and understand a few basics, If you work full time you should be able to afford the basics in life, basics being a roof over your head, heat, water and food.

    These arguments about go and skip a meal or stop using your washing machine are completely irrelevant life isn’t a race to the bottom and who should/could save here and there, the facts are we should live in a society where if you work you can afford the basics! especially if there is two of you even better.

    The idea that these bills can rise so much has little difference to a loan shark deciding what you should pay! its disgusting.

  25. What a disgusting broken country the UK has become under the Tories.

    A mass bill strike is needed – people will starve and freeze in their homes with this completely avoidable price hike if we don’t get these bills down.

    People before profits – now and always.

  26. They have just made it pointless to work,own or rent a house, well done! Time to get the fuck out of the UK before the riots start!

  27. Things to look forward to this year:

    * This price cap rise
    * Continuing inflation
    * Increased interest rates
    * Increased commodities prices, especially wheat.

    Good luck everybody.

    The media is still fucking about on who had a beer or a cake. Can always trust the media to ignore the real problems and focus on minor distractions.

  28. I know people have good intentions but it’s sort of insulting when people start giving tips on how to reduce their energy. Nobody is leaving their heating on 24/7.

    Whether you work full time, part time or on benefits you should not be in a position where you have to choose between heating or eating (or neither).

  29. I’m a SKILLED Individual. I am a veterinary nurse of 10 years and I have a degree in veterinary nursing. Industry is shit and pay is shit but I am SKILLED and I’m earning less than £26k a year. There’s industry issues with growth and progression but that isn’t the point. I rent and with all my bills and my essentials BEFORE food and petrol I have £200 left a month. I’m in thousands of pounds of debt on credit cards. I’ve tried to save and cut back on EVERYTHING and it just isn’t enough. I can’t get a ‘better paid position’ bc my wage is basically highest it’ll go. Can’t retrain because it costs money since I’ve already got a degree can’t get government loan. I’ve tried to cut back on EVERYTHING. I can’t literally do it anymore.
    I can’t get a roommate bc of sub letting and could risk losing my home if land Lord found out so won’t do that. I am a skilled person and I am literally struggling to make ends meet.

    I’m terrified. I absolutely have no idea what to do. I can’t afford ANYTHING. Those £200 at the end of the month cover my fuel to and from work every day (14 miles drive there and then back bc I’m in country side). I don’t smoke don’t drink (if I do gin lasts me usually a month or more). I don’t know where else I can cut back at all.

    I feed my dogs better food than me (one dog has health issues and can only be fed special veterinary diets). I will be going cold and hungry this winter. It’s 2022 and this is what the government has created.

  30. Just going to leave this here…….

    E.ON (UK) £28m profit

    British Gas £128m profit

    ..thier partner company Centrica £948m profit (up by 44%in the previous year)

    EDF (UK) £106m profit

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