Energy bills are set to sky-rocket to an astronomical £4,200 in January, according to a damning new forecast.
The price cap will more than double in the new year before costs surge yet again to hit £4,400 by April.
Cornwall Insight says the average home will pay £3,582 a year from October 2022, up from £1,971 today, and £4,266 a year from January 2023.
READ MORE: Three quarters of small business owners 'have had to pass rising costs to customers'
The energy market analyst’s prediction represents a £650 increase when compared to its estimates last week, based on “a change in calculation methodology” by Ofgem.
Consumer rights champion Martin Lewis called it “tragic news” and warned the increase is “unaffordable for millions” and a matter of life or death for struggling households.
He tweeted: “Action and planning is needed now. The zombie government needs to wake up sooner than 5 Sept.
“The leadership debate must not ignore this portentous national cataclysm any more.
“An action plan is needed TODAY. People’s livelihoods, mental wellbeing and in some cases very lives depend on this.”
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Households already owe £1.3bn to their energy suppliers two months before bills are set to soar by more than 80%, according to a separate study.
The overall debt bill is already three times higher than it was a year ago, according to Uswitch experts, who warned it will grow further over the winter.
Lib Dem leader Sir Ed Davey has accused both Conservative leadership candidates, Rishi Sunak and Liz Truss, of being in a “parallel universe” and insisted they “act now”.
He called on the Government to “cancel the October energy price rise”, adding: “If it does, it will avoid a social catastrophe.”
Mr Davey warned “millions of families and pensioners will go hungry and cold this winter unless bold measures” are put in place.
The cost of living has become a key issue in the Tory leadership race.
Mr Sunak has vowed to extend his package of support that gave £400 off every household’s energy bill while those on benefits received a further £650.
However Ms Truss is resisting any “handouts”, saying she does not believe in “taxing people to the highest level in 70 years” only to give their money back.
Rocketing energy bills have been caused by the rising price of natural gas, partly as a result of the war in Ukraine.
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