October energy price cap increase estimated at 64%

[Hugasauras]

From Martin Lewis:

'NEWS:
I feel sick writing this!
I've just got the latest price cap predictions from
@CornwallInsight
. A huge spike in the key year-ahead wholesale price means

OCT cap prediction UP 64% (so £3,244/yr on typical bills)
JAN cap prediction UP 4% (so £3,363/yr)

It's horrendous. Especially as we're now near the end of the assessment period that sets Oct's cap, so this is the right ball park.

The Oct prediction is now £450/yr HIGHER than Ofgem mooted in May & that was what Sunak based the £400-£1,200/yr help on.

More will be needed!

Please share. People need to know what's coming to see if they can prepare for it.'

Terrible Just checked our Octopus account and their fixed tariff offering is £500 a month for us.

We've been quoted just over £800 a month for fixed (SSE) which with 1 income and 1 as a carer we simply can't afford. How bad is the increase going to be!?

Has anyone used the Octopus crystal ball feature? Would love to hear what yours says. It predicts your future use taking into account the Oct / Jan predicted price rises. It also takes into account the £400 gov grant. It's obviously not 100% accurate as no one knows what the price rises will be. It's based on your previous consumption.

Mine has completely terrified me. Currently in £800 credit. Pay £266 dd a month (up from £140 a month pre crisis). It is saying we will be in £1400 of debt by next June. What on earth. Our usage could come down but I'm going to be on mat leave so will need a warm home. It's a 3 bed semi. No tumble dryer. Honestly feel sick this evening at how we will manage.

@pinksquash13 very similar for us. 4 bed semi. 2 adults 1DS. Currently £225 pm DD. Looking to be £2k in debt. If we increased our DD to £400
now we will break even by June. So I suspect our DDs will have to go to £450pm in October to break even. We were paying £90pm in November 2020!

In terms of how we will manage …

this sounds ridiculous (and I’m not boasting!). But the gardener has been cancelled, no more car washes, cleaner will be let go of soon too, no more coffees out.

the long and short is that people who traditionally were comfortable will cut back. And that will impact those further down the economic ladder even more. So the pain just gets amplified the further down the pecking order you are. It’s going to be horrific.

It's outrageous especially when energy companies are making huge profits!!

@ineedabreakfromreality

Horrendous. Who can afford £400+ a month for energy. It just seems like a bad dream. I don't think people realise what's possibly coming. I really hope the gov do something more than the £400 grant but is that likely?