Savvy householders could switch gas tariffs now in order to avoid a 50 per cent rise in gas and electricity bills.
According to Deutsche Bank analysts, energy users in the UK could see their average annual utility bills soar by £500 in the next four years because of increasing wholesale prices.
Costs could also go up as Britain seeks to upgrade its energy infrastructure by investing in new nuclear power stations, improving the national grid and building wind energy stations in order to meet EU green energy targets.
The bank's forecast noted that average dual fuel bills could increase by between 30 and 50 per cent to between £1,300 and £1,600 a year by 2015.
Martin Brough, an analyst at the company, commented: "Sharp increases would be needed in the next 12 months, with prices rising to record levels from 2013 onwards."
Meanwhile, governor of the Bank of England Mervyn King last week predicted that the price of cheap gas could rise by 15 per cent this year alone, which could prompt many householders to switch gas tariffs today.
If you want to find out more about gas and electricity and how you could save up to £453 in minutes, click here.
Share this story with your friends:-