UK Energy Bills to Rise by 10% in October

Ofgem has announced a 10% increase in the energy price cap, raising average annual bills from £1,568 to £1,717 starting October 1, 2024. This hike coincides with the removal of Winter Fuel Payments for up to 10 million pensioners who are not on means-tested benefits, exacerbating concerns about fuel poverty among older adults. Experts and campaigners, including Martin Lewis, have called on the government to reconsider the cut to Winter Fuel Payments, highlighting that many pensioners will struggle to meet their energy costs. The rise in energy costs is attributed to increased wholesale prices and ongoing market volatility, partly due to the Russia-Ukraine conflict. Despite the rise, bills remain lower than last year's peak of £1,834. The changes will affect households differently based on their energy usage and payment methods.