Everest industry news
Consumers urged to prepare for record energy price hikes
14 May 2008
Consumers have been warned to get ready for record increases in household fuel bills this year by the switching site uSwitch.In the best case scenario, the price comparison firm expects to see average utility costs soar by £415 by January 2009.
A new interim pricing statement by Centrica, however, suggests this hike could be complete by the end of the summer this year.
At the start of 2008, the typical household paid £912 in annual energy bills, but even the most conservative predictions see this figure rising to £1,327 by next January.
Should this rise come to fruition before the year is out, fuel costs will have jumped by an unprecedented 46 per cent in less than 12 months.
"It's pretty clear that something has to give," warned Tim Wolfenden, head of home services at uSwitch, discussing the fuel pricing pressures. "Household energy prices are going to be shooting up again this year."
There are a number of steps homeowners can take to offset fuel cost rises, including the installation of insulation such as double glazing to make properties more energy efficient.
Double glazing works by retaining more heat, helping to limit energy bills and decrease a home's carbon footprint. The thicker glass also helps to shut out external noise.
