Energy bills could rise even more than expected to more than £5,000 next year, experts have warned, as industry bosses are asked to explain their profits and payments to ministers
Ofgem could be forced to raise the peak price to £5,038 in April, more than £200 above previous estimates, according to energy consultancy Auxilione, with bills reaching £4,467 in January.
Because his prediction was based on wholesale market figures, Auxilione said there was little energy companies could do to try to lower prices and said there was “little appreciation.” [of] how impossible this task is”.
However, Nadhim Zahawi, the chancellor, and Kwasi Kwarteng, the business secretary, will meet energy chiefs today and brief them on the government.