Energy bills could hit almost £4,000 next year as Russia continues to squeeze European gas supplies
Dr Gemma Berwick, a senior consultant at BFY Group, said: "Following further rises in wholesale prices as flows of gas from Russia to Europe via the Nord Stream 1 pipeline drop to 20% of capacity, we now forecast the Ofgem price cap to rise to £3,420 in the fourth quarter of 2022 and £3,850 in the first quarter of 2023.If the predictions are correct, it will mean even more pressure on already squeezed households to make ends meet.
BFY now believes Ofgem will have to set the earlier October price cap change at £3,420, with another increase expected when the cap is reviewed in January. "Official figures have an average income of £31,000, this means more than half the country could be pushed into fuel poverty." Ideas include turning off street lights, not heating public swimming pools and shutting down production at major manufacturers.
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