Martin Lewis has issued a "bad news" warning ahead of the next energy price cap in April 2023.
A Government scheme that would guarantee average households would pay no more than £2,500 a year for their energy use was due to run for two years, but has since been cut short. This means, as it stands, the scheme will end in April next year.
Money Saving Expert founder Martin Lewis said the assessment period for next April's prices begins today (November 17).
READ MORE: Martin Lewis advises when not to use your washing machine
Taking to Twitter, Mr Lewis said: "It's early days but the new prediction from @CornwallInsight is UP 49.5% on current rate taking a typical bill for illustration to £3,739 a year (current £2,500)".
He continued: "It has also this time predicted new rates. So it says electricity standing charge at 37p a day (currently 46p), unit rate a hideous 58p/kWh (34p now). So there's standing charge reduction but unit rate up. Gas standing charge 31p (28p now), unit rate 15p/kWh (10p now)".
He said the Chancellor, Jeremy Hunt, may subsidise household rates from April to July 2023, meaning households would see around a £700 discount. Mr Hunt will make his Autumn Statement later today (Thursday).
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