According to the report, the UK Office of Gas and Electricity Markets (Ofgem) is expected to set a gas price cap of 3,420 pounds for the average dual-fuel tariff in October and subsequently rise it to 3,850 pounds in January 2023.
That means that British households will be "facing a bill of £500 in January alone" given that gas consumption significantly increases during winter season, the report said. The Guardian added that if BFY Group's forecast is correct, the energy price cap would have increased by more than 2,500 pounds throughout 2022, affecting over 22 million Britons.
BFY Group's forecast is realistic, a source at one of the UK's largest energy firms told the newspaper.
Gas prices in Europe have skyrocketed this week, reaching $2,500 per 1,000 cubic meters on Wednesday, after Gazprom announced its plans to reduce supplies via a key gas pipeline from Russia to Europe starting July 27 to no more than 33 million cubic meters per day, 20% of the pipeline's nominal capacity.