Energy bills to hit £5,000 per year in 2023

Energy bills are estimated to hit £5,038 per year in 2023, according to analysts at Auxilione.

Experts said Ofgem would probably raise the price cap for the average UK household to the £5,000 mark from April next year.

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The news comes the same week that analysts at Cornwall Insight warned consumers to expect a price cap rise to £4,200, sending shockwaves across the country.

Ofgem recently told customers it would be revising its price cap every three months, in order to “adjust much more quickly” to sudden market volatility.

However, the faster moves in energy prices set the risk of pummelling UK families as costs surge with the wholesale price of oil.

Energy prices have skyrocketed in recent months as a result of Putin’s invasion of Ukraine in February 2022, sending the price of Brent Crude oil surging to almost $130 at its highest point in March.

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Prices have remained high, with the benchmark commodity currently standing at $100 per barrel.

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