Energy Bills Set to Rise Next Month: What You Need to Know

• Energy bills will increase for millions of households from 1 October 2024.
• The new energy price cap will push average annual bills to £1,717, up £149 per year.
• Gas and electricity unit prices and standing charges will see increases.
• Pre-payment meter users will also face higher costs.

Starting 1 October 2024, energy bills are set to rise for millions of UK households. The new energy price cap will increase the average annual dual-fuel bill paid by direct debit to £1,717, which is £149 more per year or approximately £12 per month.

The price cap, determined by Ofgem, limits what energy suppliers can charge per unit of gas and electricity. The cost of gas will rise from 5.48p to 6.24p per kWh, while electricity will jump from 22.36p to 24.50p per kWh. Standing charges will also see an increase, with gas rising to 31.66p and electricity to 60.99p per day.

Households using pre-payment meters are also affected, with their annual bills increasing from £1,522 to £1,669. Despite these increases, the new rates are still 6% lower than the same period last year when the cap was at £1,834.

However, concerns have been raised following the decision by Rachel Reeves to limit the £300 Winter Fuel Allowance, which will now only be available to those on Pension Credit or other means-tested benefits.

Tom Church, Co-Founder of LatestDeals.co.uk, remarked, “As energy prices rise, it’s crucial for households to stay informed and explore all available support to manage costs effectively.”