Martin Lewis has shared his predictions for the next year’s energy cap prices.
Mr Money Saving Expert took to X, formerly known as Twitter, to share his forecast for the next 12-months to let people know what to plan for when it comes to their energy bills.
Lewis kicked off by reminding people that as of Sunday (1 October) the price cap will drop 7 percent - so for every £100 you were paying, you’d now be paying £93.
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In January, its believed the prices will rise by 3.8 percent - or £96.50 for every £100 - before dropping again in April to 4.2 percent - or £92.50.
In July there’s predicted to be another drop - this time of 2.1 percent bringing it to £90.50 - before rising again by 2.7 percent in October making it £93.00 for every £100 spent.
Lewis wrapped up his post by writing: “The further out you go the more it is crystal ball gazing.”
He also added a note explaining how he worked out the new figures.
“The percentages are my calculations based on Cornwall's Predictions on the Old Typical Use figures - I don't use typical use as I think it is confusing,” he said.
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Yesterday’s drop was welcome news for bill-payers, but there are still some concerns that the energy cap price isn’t low enough.
Ofgem announced in August that the cap on a unit of gas and electricity would reduce the average bill from £2,074 to £1,923 for the three months from October 1 in England, Wales and Scotland.
But this is still more than 50 percent higher than pre-crisis levels, and the Government is yet to announce any financial support along the lines of last year, when the Energy Price Guarantee limited average bills to £2,500 per year and each household received a further £400 over six months to offset the soaring costs.
Simon Francis, co-ordinator of the End Fuel Poverty Coalition, which is part of the Warm This Winter campaign, said: “From October 1, all households in every part of the country will pay more on energy standing charges, more into the profits of energy firms and many are more in debt to their suppliers.
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“Average energy bills are still almost double what they were three years ago and Government help for households, which was available last winter, has been axed. This means this winter will feel worse for many households.
“If members of Parliament on the House of Commons Energy Security Committee can see problems households will face, why can’t the Government?
"The MPs’ recent report on tackling the energy bills crisis sets out sensible recommendations to help vulnerable households and ministers need to implement these ideas immediately.”
Featured Image Credit: ITV/Getty Images/Stock PhotoTopics: Martin Lewis, Money, UK News