Martin Lewis, consumer affairs expert, said it is now highly likely the cap will be raised not lowered, allowing energy providers to hike bills for customers.
The new cap will be announced later this week and householders can brace themselves for bills to rise.
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Ofgem, the industry regulator, is due to reset the cap in April and Mr Lewis, who hosts a popular advice show on ITV said predictions are pointing to bills going up by somewhere between 3.3% and 5.7%
Money Saving Expert founder, Martin Lewis, told his social media followers on X what to expect.
He said: “Bad news. The predictions for what’ll happen to the energy price cap in April keep rising.
“EDF now predicted Ofgem will increase it by 3.3% rise, British Gas predicts 5%, Eon Next predicts 5.7%.
“We’re only a couple of weeks from the end of the assessment period. So that means this is getting pretty firm.
“It’s now nearly unthinkable that it’ll drop, it’s going to rise, the big question is how much.”
Between 1 January to 31 March 2025 the energy price cap is set at £1,738 per year for a typical household who use electricity and gas and pay by Direct Debit.
This is an increase of 1.2% compared to the cap set between 1 October to 31 December 2024 (£1,717).
The next cap is due to be announced on February 25 to cover the period 1 April 2025 to 30 June 2025.
