The House of Commons Business Committee has warned that energy prices are likely to rise by a further £1,200 a year from October, and that more Government support is needed.
The likely rise in the Ofgem price cap means pensioners will have to find a further £100 a month to meet their gas and electricity bills.
The support payment already announced in on 26 May “was no longer sufficient” say the Committee of MPs.
Those payments were set when the typical energy bill was anticipated to rise by £800, based on a prediction that the regulator Ofgem says is now too low.
Analysts are now has predicting a rise of more than £1,200 a year in October, pushing the typical bill to £3,244 a year from October, then £3,363 a year from January 2023.
A normal bill at present is about £2,000 a year, which follows a £700 a year rise in April.
Reaction
"The impact of the energy price crisis on households is likely to cause an unacceptable rise in fuel poverty and hardship this Winter. The government must immediately update its support, targeting this at customers who are on low incomes, fuel poor, and in vulnerable circumstances, and develop a scheme to support vulnerable customers to accelerate the repayment of energy debt resulting from this crisis."
“This is a very worrying prediction of what members will face with their monthly bills in only a few months’ time. We are working closely with our partners in Later Life Ambitions and National Pensioners' Convention to get more urgent help to all pensioners and vulnerable households”
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