The electricity price rise in January 2023 will be around 20% and the energy price cap will rise to £4,266 a year

In October the UK will see a KWh of electricity rise to 50p per hour. The energy price cap will be around £3,582 and that will be a 81% rise on the current price cap of £1,971. However, Ofgem have revised the price cap review from six months to evey three months, so, the next review of the price cap will be in January 2023, and the current estimate based on the forward price of wholesale markets is for the price cap to rise by 20% to £4,266 a year. Now, won’t that be a lovely mid Winter present from Ofgm. The new price of a KWh for domestic users will be around 60p in the new year, but for business users, who have no price cap to protect them, a unit price of electricity may be nearer to £1, with daily standing charges of £4. It is fairly certain that many older and vulnerable people will die this winter as a result of these increases, it is also unavoidable now, that many thousands of small businesses will go bust.

Heatpumps use loads of electric, just ask a Norwegian

Cornwall Insight

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