Energy bills could rise further in the UK next year, analysts have warned, after research showed volatile gas prices and the potential collapse of more suppliers could push the price cap up to about £1,660 come summer.
The forecast is around 30 per cent higher than the record £1,277 figure set for winter 2021-22, which began at the start of October, according to research agency Cornwall Insight.
It comes as the chair of energy regulator Ofgem warned of “significant” price rises and more company failures in light of soaring gas prices.
Speaking at the Energy UK conference on Thursday, at what he said was an “unprecedented” time for the energy market, Jonathan Brearley said customers will face “an extremely difficult time” as rising costs “are ultimately passed through to bills”.
He also predicted more company failures, telling attendees the industry had already seen twelve companies fail and that “given the continued volatility of the market it is likely that more suppliers will exit the market”.
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