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The energy price cap is expected to double in January, so it’s important to be prepared. Here are some tips on how to budget for the increase.

Households are set to see energy bills of £500 for the month of January alone, according to analysts.

The energy price cap is now expected to double in January, hitting £3,850 per year, according to experts.

BFY Group, a utilities consultancy, said households could see energy bills of £500 for the month of January alone.

The cap is forecast to rise to £3,420 in October – a much higher sum than the £2,800 predicted in May by Ofgem, the energy regulator.

Households are already paying £1,971 per year for energy bills after the price cap was increased in April – this would amount to a 74% increase in the autumn.

Cornwall Insight, another energy research specialist, had an even more stark prediction of £3,500 in October, with bills expected to stay above that level well into 2024.

The latest analysis takes into account the impact of Russia’s decision to cut the flow of its gas to Europe to just 20% of the Nord Stream 1 pipeline’s capacity, which has pushed up wholesale prices.

There are fears this will get even worse if Russia completely switches off supplies.

How much will the energy price cap increase in January? Here’s what you need to know

Energy prices are expected to double in January, experts warn. This will have a significant impact on the cost of living for many people across the UK. The government is currently working on a price cap which will limit the amount energy companies can charge for their gas and electricity. This is expected to come into effect in January, experts warn that this will only have a small impact on energy prices, and that the cost of living is still expected to rise significantly.



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