“Energy price cap: 27% hit for low consuming customers”

Analysts note that the upcoming energy price cap adjustment is anticipated to impose a 27% increase for low consuming customers

Ofgem is poised to unveil its revised energy price cap figures tomorrow.

BFY Group analysts predict that the January 2024 price cap will be less favourable than January 2023, potentially negatively affecting two-thirds of customers.

Projections from BFY Group modelling suggest a potential increase of approximately 27% for low consuming customers, 6% for medium-consuming customers and a 5% improvement for high-consuming customers.

The anticipated adjustment comes amid Ofgem‘s reduction of estimated annual energy consumption (TDCV’s).

Despite a saving of around 2.5% – 5%, which has already been realised by consumers, the impact of a cold winter, as forecasted by some, may result in further bill increases.

Standing charges now stand at approximately £70 per quarter, posing a significant proportion of the bill for lower-consuming customers.

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