It’s not the news anybody wants to hear when planning their festive activities and possibly stretching their budgets more than usual, but it’s important to keep in mind the news that Ofgem has today (Thursday the 23rd of November) announced that energy prices will rise by around 5% from the 1st of January.

For the ‘typical user’ in Cheshire and Merseyside (based on an annual usage of 2,700kWh of electricity and 11,500kWh of gas, and our local tariff and daily standing charge rates) this will mean the average monthly direct debit payment of £163 will rise to £171.

Obviously, it’s bad to hear these prices are rising, when so many people are already finding energy costs unaffordable. But it’s worth looking further ahead, to Spring 2024 when Cornwall Insight (being the company that Martin Lewis relies upon for future energy bill predictions) expect the Price Cap to drop by 6% from the 1st of April. This means the £171 monthly payment will become £161.

If you’re in credit with your energy supplier, they may not even look to increase your direct debit payment for these three months.

You can read the full Ofgem press release by clicking here.

Energy Projects Plus Chief Executive, Peter Owen, spoke to Helen Jones on BBC Radio Merseyside about the Price Cap and how important it is for people to take action wherever they can, to reduce the amount of energy they’re using, to avoid waste and keep bills under control. You can hear the full interview below: