BUSINESS-ECONOMY
Energy bills in Great Britain are set to rise again in January 2025, with the average annual cost for gas and electricity increasing to $2,190. This follows a 10 per cent rise in energy costs for the last quarter of 2024, further squeezing household budgets amid rising inflation and mortgage costs. The new price cap, set by the energy regulator OFGEM, marks a 1.2 per cent increase, adding about $26 to the typical yearly bill. Although the January increase is modest, bills remain far higher than before the energy crisis caused by the Russia-Ukraine war, when bills had soared past $5,000. The price cap ensures that energy suppliers can’t charge consumers more than a set amount per unit of gas or electricity. While the increase will impact most households, it’s particularly tough for lower-income families, including many pensioners, as the government has cut the winter fuel allowance this year. This means many older people will face higher costs without the usual help, pushing some into poverty. There are calls for targeted government support to help those most vulnerable during the cold months, especially families and people with lower incomes who may struggle to pay for heating. Experts are urging consumers to shop around for better energy deals, as switching tariffs could save households up to $176 annually. Switching to a fixed energy tariff may also provide some protection from future price hikes. While the price cap has decreased compared to last year, it remains higher than before the energy crisis. Many are concerned that the volatile energy market will continue, leaving consumers with an uncertain future when it comes to their energy costs. (With inputs from agencies) A journalist, writing for the WION Business desk. Bringing you insightful business news with a touch of creativity and simplicity. Find me on Instagram as Zihvee, tr None
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