Martin Lewis says new energy bill increase predictions have left him ‘feeling sick’

Energy bills are already incredibly high, with the last price rise leaving households across Greater Manchester reeling, and unfortunately we’re in for more bad news.

Martin Lewis has been looking into the latest estimates of expected rises in bills, saying it left him ‘feeling sick’.

The money saving expert has issued a warning to households, saying the energy price cap is currently forecast to increase by roughly £450 more than previously predicted.

He took to Twitter to warn his followers that the cap is now expected to go up by a whopping 64% in October.

This could mean we end up spending £3,244 a year on energy bills.

Back in May Ofgem predicted the October cap would rise to around £2,800, but the latest estimates from Cornwall Insight – one of the UK’s premier energy consultancies – has revealed further bad news.

Their predictions are based on what an average household spends on gas and electricity in a year, with Cornwall predicting the price cap could rise by several hundreds of pounds more than was previously forecast in January.

This means bills could rise by £1,393 – from £1,971 currently to £3,364 – by 2023, if the predictions are correct.

Lewis said: “I feel sick writing this! I’ve just got the latest price cap predictions from Cornwall Insight. A huge spike in the key year-ahead wholesale price means October cap prediction UP 64% (so £3,244/yr on typical bills). January cap prediction UP 4% (so £3,363/yr).”

He continued: “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.”