Martin Lewis shares energy bill rises next year as he fears it could hit £4,347

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    Energy bills are through the roof in the UK.

    With the cost of living crisis ravaging on and the constant increases, many will be on the hunt for money saving tips.

    Martin Lewis explained how much bills could rise by next April following a speech from new Chancellor Jeremy Hunt.

    READ MORE: Martin Lewis shares £35 air fryer deal that can help cut energy bills

    The MoneySavingExpert founder shared the latest prediction from analysts at Cornwall Insight.

    He said energy bills could hit an eye-watering £4,347 in April, but the figure could change.

    In a tweet earlier this week, he claimed: "These are very early day predictions.

    "We are not even in the April cap assessment period (17/11 to 17/2) yet, so could change a lot."

    Analysts at RBC Capital Markets are forecasting a higher figure of £4,684.

    The worst-case prediction comes from experts at Auxilione, who said energy bills could surge to £5,000 next year.

    It comes as Jeremy Hunt confirmed the Energy Price Guarantee will only run as a universal help for all households until April 2023.

    The government is changing the scheme into targeted support, although it has yet to confirm who this will be for.

    As for the Energy Price Guarantee, it came into effect on October 1 and was meant to last for two years.

    It was put in place as a replacement for the Ofgem energy price cap after it was announced bills would rise to £3,549.

    Much like the price cap, the Energy Price Guarantee isn't a total cap on your energy bill.

    Instead it caps the unit you're charged for gas and electricity, plus the standing charges.

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