All homeowners to pay an extra £100 as energy firms go bust - price hike warning

All homeowners could be hit with bills of at least £100 as many energy suppliers go bust. This comes under part of a deal with regulator Ofgem.

Energy suppliers including Hub, Simplicity, Money Plus, Utility Point, People’s Energy, PFP, Green and Avro have all collapsed as gas prices soar.

More companies are also at risk of collapsing in the coming months.

The cost of gas has rocketed by 250 percent since the beginning of the year.

Some energy companies have not been able to keep up with the rises, forcing them to close.

© GETTY Energy bills: Price gas increase

This has left more than one million customers in need of a new supplier.

Sorting this is expected to cost the industry a staggering £1.5billion – a number that could rise if more firms close.

The costs are expected to be covered by all bill payers, whether they were users of the collapsed firms or not.

A deal with regulator Ofgem means there could be a levy rise of between £100 and £120 on customer bills.

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“These smaller firms are reckless,” a source at one energy giant told the Sun.

“They gambled on energy prices staying flat and didn’t pre-buy their energy.

“Three quarters of prudent firms did this and are now protected from the soaring wholesale gas cost.

“It cost us extra money, but you have to do it.”

© EXPRESS Energy bills: Firms that have gone bust

The increases come on top of rises already expected in October.

Bills could soar by hundreds of pounds as the price cap increases by £140 a year in October.

It is expected to rise again just months later, in April 2022.

Earlier this week, Money Saving Expert Martin Lewis shared advice on how to find cheaper bills.

He recommended shopping around using comparison tools such as Money Saving Expert’s Pick Me A Tariff tool.

Locking into a cheap fix now could also be a way to avoid rising prices.

He said: “If you do a cheap one year fixed comparison and you can lock in at a cheaper rate for a year, it’s worth doing even if the saving is only a few quid, as the likelihood is over the next year the price cap will rise.

“So your real savings will be bigger.”

However, this won’t help those who set up a cheap fix a year ago as they could soon be set to pay much more.

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