![]() ![]() The energy analyst Cornwall Insight predicts that the price cap for October to December will be set at £1,861 ‒ more than £200 below the current level ‒ before being increased to £1,959 for the first quarter of 2024.ĭr Craig Lowrey, principal consultant at Cornwall Insight, said: “The news of a relative stabilising of energy bills will no doubt leave households with mixed feelings. ![]() What will happen next with energy prices? This could happen if the Chinese economy strengthens quickly and we see a harsh winter, which would push gas prices up again. However, according to the International Energy Agency, there is a risk energy prices could spike this winter, forcing governments to step in again with similar measures as the EPG. ![]() “I think there is a danger that we get complacent because last winter was OK and because prices are stable now.” “Prices are back down to pre-invasion levels but they are 2.5 times the long-run average, and that’s really driven by supply and demand.” “I think what we’ve got to remember is that energy prices had more than doubled before Russia invaded Ukraine. “I think the first act of the crisis is over,” he told BBC Radio 4’s Today programme. Ofgem previously noted that while the current price cap represents a drop from previous caps ‒ and from the EPG ‒ it is nonetheless above the levels households would have been used to paying before the crisis took hold - and there is still a risk prices could rise according to experts.īritish Gas owner Centrica has warned that energy bills are set to remain high for the foreseeable future but the worst of the recent energy crisis has passed.Ĭhris O’Shea, chief executive of energy giant Centrica, said prices will drop but remain significantly above the longer-term average. It is set four times a year, and is based on movements in the wholesale markets. The energy price cap is the maximum price per kilowatt hour (kWH) that energy suppliers can charge for energy if you are on a standard or default tariff. The next energy price cap announcement is due on 25 August. The cap is then revised every three months, so a new rate will kick in from October. The current energy price cap runs from 1 July to 30 September 2023. 8p per kWh (previously 10.3p kWh) for gas.Standing charge: 53p per day for electricity.30p per kWh (previously 33.2p kWh) for electricity. ![]()
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