Energy bills are set to soar by 60% bringing financial pain to millions of people already struggling to pay. Experts blame the upward trend on wholesale costs and the green agenda which will force suppliers to invest in new technologies that consumers will have to pay for.
In a bleak prediction, industry analysts warn that annual electricity prices could rocket by 60 per cent, with gas increases of 54 per cent because of rising wholesale costs.The steep hike could result in total energy bills in excess of £2,000 a year.
Experts blame the upward trend on the green agenda which will force suppliers to invest in new technologies that consumers will have to pay for.
The experts warn that average electricity bills could rise £300 a year to £800 in the next 10 years and gas prices could increase from £845 annually to more than £1,300 – a leap of £455.
The predicted price rise “could be catastrophic for many households”, said Thomas Lyon of price comparison website uSwitch.com. He said consumers had already been “knocked for six” by this year’s hikes.
Among a panel of experts for SmartestEnergy, the UK’s leading purchaser and supplier of energy generated by the independent sector, 90 per cent predicted a rise, with one third saying it would be 60 per cent. The average increase predicted was 43 per cent by 2021 which would see electricity bills alone rise by more than £200 a year.
Source Link: express.co.uk