Cost of Living: Energy Price Cap

It’s predicted that the UK energy price cap will rise by a further 65% this October.

There’s unfortunately more bad news for your gas and electricity bills as it’s predicted that the UK energy price cap will rise by a further 65% this October. 

The energy price cap was previously only adjusted every 6 months but as of this October it will now change every 3 months.

This means that from October 2022 onwards the average UK domestic customer can now expect to pay around £3,300 per year for their gas & electricity. For context, the average yearly bill in October 2021 was £1,277.

When the cap increased in April this year we advised students that it may be in their best interests to try and change tariff or supplier to find a cheaper fixed tariff. The situation on this has now adjusted and the latest advice is that in most situations its likely that even if you try and switch tariff or supplier you may end up paying more. 

Martin Lewis has some more in-depth advice on when it may be in your best interests to switch on his website.

We also have some advice on how to make sure you’re paying the right amount for your fuel bills on our website.

If you’re struggling financially we would recommend that you apply to the University’s Summer Hardship Fund for additional financial support towards your living costs. 

Please remember that Advice Centre are here to help you - you can get in touch with us for free, impartial and confidential advice by emailing advice@src.gla.ac.uk