Millions brace as energy price rise to be revealed
Among those braced for the squeeze on their finances is 24-year-old Michael Ball, from Kirkcaldy.
The cap, which is announced every six months, sets the prices that suppliers can charge for each unit of energy as well as the standing charge. Energy firms are struggling under the weight of surging wholesale gas prices. The new cap will allow them to pass some of that cost onto customers.Joe Malinowski, founder of energy price comparison website The Energy Shop, said: "The energy price cap has already bankrupted over half of all energy suppliers in the market. Now it is set to bankrupt the consumer.
The plans are expected to include the Treasury's "rebate and clawback" scheme, which would involve providing around £5-6bn in loans to energy firms to enable them to lower bills from April - possibly by about £200. "Our plan, part paid for with a one-off windfall tax on North Sea oil and gas profits, would save most households £200 off their bills, with targeted support of up to £400 on top of that to the squeezed middle, pensioners and the lowest earners.Nigel Pocklington, chief executive of renewable energy supplier Good Energy, said there was "a lot unexplained" about the government's proposal, but added a £200 rebate would "help" households.
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