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Bank charges: Energy prices 'could double' by 2020

Many people may end up paying bank charges in the future because of high energy prices.

This is because Joe Malinowski, founder of, a natural gas and electricity price comparison website, claims prices could double by 2020.

He was asked to predict what consumers may be paying for energy by this date.

"It's obviously difficult to try and forecast the future but on some relatively conservative estimates, even on where wholesale gas and electricity prices might be heading, it looks like we could be seeing another 50 per cent increase from these levels. We are looking at bills essentially hitting £1,800 a year for the average household," he said.

Mr Malinowski added that in the future, a larger part of consumer bills will go towards subsidising the development of renewable resources.

At present, he said, energy prices have more than doubled over the last seven years, costing the average household £1,245 per year.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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