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Energy Bills to Rise in New Year
Millions of households will see a slight rise in energy prices in the depths of winter, after regulator Ofgem outlined its next price cap.
The 0.2% increase from the current cap will take effect at the start of January, and affect those on variable tariffs in England, Wales and Scotland.
The rise was a surprise after forecasters suggested the cap may fall at the start of the year. Government policy is primarily behind the shift.
Gas and electricity bills remain relatively high, and the sudden drop in temperature has brought the costs to the forefront of people's minds.
"While wholesale energy costs are stabilising, they still make up the largest portion of our bills which leaves us open to volatile prices," said Tim Jarvis, from Ofgem.
The cap sets the maximum price for each unit of gas and electricity, not the total bill - so those who use more energy, pay more.
However, the amount used varies significantly between households, so the best way to calculate the change is to work out the percentage change from your own usual annual bill.
Standing charges - the fixed costs that cover the cost of running the network as well as government levies - will rise by 2% for electricity and 3% for gas.
Click here for the full article: https://www.bbc.co.uk/news
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