‘Energy depression’ set to hit UK households
Quarterly energy bills will hit £350 for the average UK household this week, sparking ‘energy depression’ across the UK, according to switching site Energy Helpline.
Research from the site has revealed quarterly energy bills arriving this week will cost UK households £3.5bn and cause ‘energy depression’. And this is only set to get worse as energy markets signal that wholesale gas prices will go up by 40% next winter, according to Mark Todd, spokesperson for Energy Helpline.
“While wholesale prices will drop a little over the summer, a 40% increase next winter will force suppliers to increase prices once more,” Todd continued. “Energy Helpline predicts 15% to 20% increases on gas and electricity by the end of next winter, making the quarterly bills for this time next year the highest – and most depressing – ever. Annual energy costs will reach new heights, at over £1,200 for a typical home.
Todd highlighted a number of ways to keep costs lower, however. He said: “Those still paying by quarterly bill can fight the depression by switching to cheaper tariffs, which often mean paying by monthly direct debit – so as well as saving around £200 a year, bills become much more manageable.
“People need to take action now to protect themselves from energy depression worsening. Good deals are out there, but suppliers are not going to hand them to those who seem content to pay over the odds for gas and electricity.”