Have your say! Do you worry about the rising energy price cap in cold weather?

In a blow to UK households, energy regulator Ofgem has announced another increase in the energy price cap, set to take effect at the start of the new year. This follows a significant 10 percent hike during the last adjustment of the energy price cap, and with winter just around the corner, it's unwelcome news for household budgets.

Have your say! Do you worry about the cost of heating your home? Do you have any tips to share on reducing your costs? Who is your supplier, and would you recommend them to anyone switching? Comment below, and join in on the conversation.

As of January 1, 2025, the energy price cap will rise by 1.2 percent. According to The Mirror, this will push the average dual-fuel household's annual bills from £1,717 to £1,738.

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This price increase will kick in during the chilliest months of the year, coinciding with a period when many pensioners will no longer be eligible for the Winter Fuel Allowance. Previously, this allowance provided up to £300 to assist with heating costs, but it will now be means-tested, leaving millions without this financial aid.

Energy bills are still calculated based on usage - the price cap alters the unit price and the daily standing charge for supplying power to your home. Therefore, any energy-saving measures you can implement, such as turning off the heating when you're not at home, will help reduce costs.

Tim Jarvis, director general of markets at Ofgem, acknowledged the ongoing struggle for many households: "While today's change means the cap has remained relatively stable, we understand that the cost of energy remains a challenge for too many households. However, with more tariffs coming into the market, there are ways for customers to bring their bill down so please shop around and look at all the options."

"Our reliance on volatile international markets - which are affected by factors such as events in Russia and the Middle East means the cost of energy will continue to fluctuate. So it's more important than ever to stay focused on building a renewable, home-grown energy system to bring costs down and give households stability."

"In the short term though, anyone struggling with bills should speak to their supplier to make sure they're getting the help they need and look around to make sure they're on the best, most affordable deal for them."

Have your say! Do you worry about the cost of heating your home? Do you have any tips to share on reducing your costs? Who is your supplier, and would you recommend them to anyone switching? Comment below, and join in on the conversation.