Higher interest rates could add £29bn to household energy bills

Higher interest rates could add £29 billion to household energy bills, according to new research published today (Monday) by the Resolution Foundation. The research considers how to fund the major power sector upgrade needed to cope with rising demand for electricity in a decarbonising economy. By 2040, Britain’s homes will consume 45 per cent more electricity…

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Energy bills have increased by more than a quarter on pre-crisis levels

26th February 2024 Arrears and Recoveries | #energy bills

Resolution Foundation analysis of Ofgem’s Price Cap for April-June 2024, and Cornwall Insight forecasts for the price cap in the second half of the year, show that household energy bills are on track to fall by 24 per cent (or £545) in real terms in 2024, compared to last year. The latest Ofgem price cap…

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Average energy bills set to fall £238 a year from April

23rd February 2024 Arrears and Recoveries | #energy bills

Energy regulator Ofgem has announced a significant reduction of the energy price cap for the second quarter of 2024. The price cap changes mean that the average annual energy bill will fall £238 a year from April, this is its lowest level for two years. The change means that the maximum rate per unit that…

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Energy price cap predicted to fall by £300 a year

19th February 2024 Consumer Collections | #energy bills

Latest forecast by Cornwall Insight has predicted that energy bills will fall in April by nearly £300 a year for a household using a typical amount of gas and electricity. The forecast for the April – June Q2 2024 forecasts that a typical dual fuel household will be £1,635 per annum. This is a fall…

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One in three households not confident in being able to afford energy bills

14th February 2024 Arrears and Recoveries | #energy bills

A third of households (34%) are not confident in being able to afford their energy bills over the next twelve months, after wholesale energy cost pressures caused the energy price cap to increase on 1st January 2024 according to research by Compare the Market. The energy price cap increased by £94 for a typical household…

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Over 6m parents worried they won’t be able to afford energy bills

13th February 2024 Arrears and Recoveries | #energy bills

Over six million children in Britain have parents who are worried they won’t be able to afford their next energy bill. And almost half of parents said they would cut back on their food shopping to pay for other household bills according to research by Citizens Advice. Citizens Advice and Citizens Advice Scotland are also…

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Energy crisis causing misery for poor pensioners

12th February 2024 Arrears and Recoveries | #energy bills

Age UK is warning that older people living in a household with an income less than £20,000 per year and not in receipt of means tested benefits, have faced particularly steep challenges with managing through recent times. New research for the Charity revealed that almost a third (29%) of over 60s in this group report…

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Vulnerable people encouraged to seek help with energy bills

Households struggling with the cost of energy bills this winter are being encouraged to speak to their council about the financial help available from the Department for Work and Pensions’ Household Support Fund. The Government has invested over £2 billion into the Fund since it launched, with new statistics now showing more than £360 million…

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Charity forced to double energy bill financial support

Fuel Bank Foundation says it has been ‘forced to take action’ by doubling the support it provides to vulnerable consumers due to the government not providing any additional energy bill help this winter. The chroty which provides emergency fuel vouchers for struggling households with prepayment meters (PPMs), has increased the amount of financial support it…

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32% of couples argue over the heating bill

22nd December 2023 Consumer Collections | #energy bills

As the UK officially enters winter on households are once again faced with the dilemma of when to switch on the heating. But with the high cost of energy, many households are engaging in a ‘thermo-spat’, with one in three (32%) couples having already bickered over who controls the heat, according to a poll from…

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Energy firms will now start to help struggling customers as new rules begin

15th December 2023 Consumer Collections | #energy bills

New rules which mean that energy suppliers will now have to help struggling customers with their energy bills have now come into effect. Energy regulator says the new rules will make it easier for domestic customers to contact their supplier, help provide support for domestic customers who are struggling with their energy billsand compel suppliers…

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Half of adults say energy bills are biggest financial worry

26th October 2023 Consumer Collections | #energy bills

Almost half (46%) of all adults have identified energy bills as their biggest financial concern heading into this winter according to research by Finder.com. Single-person households were the most apprehensive, with more than half (53%) of those living alone saying that energy bills are one of their biggest financial concerns heading into winter. This was…

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Energy bills forecast to rise in January

4th October 2023 Consumer Collections | #energy bills

Consultancy firm Cornwall Insight predicts that annual energy bills for a typical household are expected to rise by £73 to £1,996 in January. Under Ofgem’s energy price cap, the typical annual bill will be £1,923 between October and December, with this down from the £2,074 seen in the July through September quarter. Dr Craig Lowrey,…

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