Energy bills are set to rise by an average of £1.75 a month from January, as Ofgem announces the new energy price cap . The regulator changes the price cap every three months, with the latest one set to take effect on January 1 and continue through to March 31.
That cap will be set at an average of £1,738 annually for a typical dual-fuel household paying by direct debit. This represents an average increase of 1.2% per household or £21 per year.
Despite the increase though, bills are expected to be around 10.0% cheaper than they were at the same time last year. The impact of these changes will vary from household to household though, depending on how much fuel you use.
Standing charges are falling by 1p for gas and 2p for electricity. The unit price for gas, however, is rising by 10p per kilowatt hour (KwH), which is a rise of 1.6%.
The unit price for electricity is rising by 36p per KwH, a rise of 1.5%. READ MORE All the nine parts of UK facing 15 inches of snow on Saturday But British Gas, OVO, EDF, EON and Octopus customers are being handed five payments to help them meet their bills.
.. Emergency credit - £15 If you're a prepayment energy customer and you're going to run out of power, you should be able to access "emergency credit" from your supplier.
You'll typically be given between £5 and £10 but some energy firms offer more than this - for example, Utilita gives customers up to £15. Emergency credit is normally available when you have less than 50p for electricit.