UK homeowners have been urged to prepare for a further squeeze on their household budgets, with the news that energy bills could be set to rise for a second time by the end of the year. Since March all of the UK’s big six energy providers have announced double digit price increases on gas and electricity tariffs, prompting outrage from consumer groups. However, with wholesale energy costs set to rise throughout the year, it now looks increasingly likely that a second round of price increases could be due, according to Tim Wolfenden of uSwitch.com. Moreover, these could be as high as ten per cent, bringing the average bill up from £1,048 to £1,153, he added. Mr Wolfenden said: “Increases in the cost of gas on the forward market will make further price rises inevitable before the end of the year – the industry has margins to protect and shareholders to satisfy. “It will not meet all the cost out of its own pockets and is likely to ask customers to help cover the burden.”
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