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What happens if your energy firm goes bust?

5 1 2

Household finances are under pressure as some energy firms are being pushed over the brink.

Around 1.5 million households have seen their suppliers go bust after the sector was hit by surging global wholesale gas prices.

Here is how the ongoing issues in the gas sector could affect you and your energy bills.

What is happening to energy bills?

The cost of energy is rising significantly due to gas price increases.

Regulator Ofgem regularly sets an energy price cap, which acts as a "backstop" protection for customers on default tariffs. The cap will increase to £1,277 from October 1 for a typical user.

Customers leaving cheap deals may be forced to pay hundreds more pounds annually after being bumped up to the top of the price cap.

Consumer champion Martin Lewis suggested from April 1 the cap could jump to more than £1,500 a........

© Eastern Daily Press

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