Get your jumpers ready, the cost of energy is predicted to go higher and higher this year. From the Daily Mirror:
But now energy experts at BFY say energy prices could hit £3,420 in October – then £3,850 when the price cap is reviewed again in January 2023.
A year ago in July 2021 the price cap was just £1,138 a year – and most energy deals were much cheaper than that.
Adam Jones, senior manager at BFY Group, told The Sun : “This is off the back of gas and power prices rising to all time highs.
“The winter 2022 gas price has risen nearly 10-fold since this time last year, and more than double the price of last winter’s gas.
“Official figures have an average income of £31,000, this means more than half the country could be pushed into fuel poverty.”
Meanwhile, energy giant Shell posted £10bn quarterly profits and British Gas parent Centrica has reported adjusted operating profits of $1.34bn for the first half of this year, up from £262m in January-June 2021.
Don’t you just love free market capitalism? Or more accurately the illusion of a free market as a small cartel of companies controls our energy.
Combine this with the other cost of living increases and inflation and you have what economists call a complete and utter sh*tshow.
I help to manage Slugger by taking care of the site as well as running our live events. My background is in business, marketing and IT. My politics tend towards middle-of-the-road pragmatism, I am not a member of any political party. Oddly for a member of the Slugger team, I am not that interested in daily politics, preferring to write about big ideas in society. When not stuck in front of a screen, I am a parkrun Run Director.