19 November 2024|Energy blog
Uswitch link: Compare and switch to save up to £150 per year on your energy bills*
Ofgem are expected to announce the next price cap update on 25 November, next Monday. Companies have been finalising their predictions for the next announcement, and it appears that all predictions are that the price cap is going to go up in January and will remain high throughout 2025.
Energy bills are set to be higher in 2025 than they have been in 2024 for those on variable tariffs. At the moment, E.ON Next are offering a tariff that is £145 cheaper than the current price cap, making it potentially £223 cheaper than the predicted April-June 2025 price cap! Fixing to this tariff now is likely to offer you significant savings over the next year, so I highly recommend switching if you haven’t already. Use the Uswitch link above to switch and save today.
This isn’t good news, we thought we’d seen the end of the crisis, but it looks like we’re floating at this point where energy bills are remaining over 50% higher than they were pre-crisis, which is doubly bad in the light of the cost of living crisis we’re living in. You can help take control of the energy market by getting involved in Ofgem’s public consultations. Just subscribe to The Regulator Guy’s newsletter (box is above this article), I post on as many of their consultations as I can, and I include instructions of how you can get involved and even give my exact response so, if you agree with what I say, you can just copy and paste and still get involved.
The Predictions
British Gas
British Gas have issued the below predictions, showing a likely £23 increase in January 2025 to £1,740, then a larger increase in April 2025 of £55 up to £1,795 before falling slightly in July to £1,750! With the current price cap being £1,717, it is clear that energy bills will be higher in 2025 than they have been in 2024.
Cornwall Insights
Cornwall Insight only offer predictions for the next quarter, and they are usually extremely accurate. I believe they are only ever a couple of quid off of being correct, so this is a prediction we can trust. At the moment, they are predicting an increase of around £19 in the January price cap, up to £1,736. They also predict a slight increase in the standing charges from the current 92p per day up to 93p per day, edging us slightly closer to the £1 per day mark we’re all dreading.
Use Uswitch to saving on the following bills:
Energy Bills* – Up to £150 saving
Car Insurance* – Save up to £523 per year
Home Insurance* – Savings can be made by reveiwing your home insurance premiums annually
Broadband* – !! BLACK FRIDAY DEALS NOW AVAILABLE !!
