The typical household’s energy bill is expected to rise to £1,714 a year
The average household energy bill is set to rise by 9 per cent in October when the latest change to the price cap takes effect with a warning it could be the 'new normal', according to experts.
Energy consultancy Cornwall Insight said it expects the typical household’s energy bill to rise to £1,714 a year, up from £1,568 currently, on October 1. This is less than its previous prediction in June, when it estimated that the cap would rise by 9.9 per cent to £1,723. But the group said there is also likely to be a further “modest” increase in January 2025, with more rises possible early in the new year due to “recent tensions in the Russia-Ukraine war”.Energy regulator Ofgem will announce the energy price cap for October to December on Friday, August 23.
Craig Lowrey, principal consultant at Cornwall Insight, said: “This is not the news households want to hear when moving into the colder months. Following two consecutive falls in the cap, I’m sure many hoped we were on a steady path back to pre-crisis prices. “However, the lingering impact of the energy crisis has left us with a market that’s still highly volatile and quick to react to any bad news on the supply front. Despite this, while we don’t expect a return to the extreme prices of recent years, it’s unlikely that bills will return to what was once considered normal.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
See what the average house price in Northern Ireland could buy youFinished to a high standard, this property is ready to move into and would be ideal for the first time buyer or young family.
Read more »
I live in one of UK's most expensive towns with average house price over £1mI may live in one of the UK's most expensive towns but there's something about the area that makes it feel so welcoming - but it's not ideal for first-time buyers
Read more »
Average 3-bed house hits market for £250k but agency pics hide VERY weird featureSurprise Inside: Minions-Themed Toilet in £250k House!
Read more »
Number of homeless children in Greater Manchester borough soar to record levelsFigures soar by 47pc in Greater Manchester borough
Read more »
Warning to UK tourists as Canary Islands placed under ‘state of alert’Authorities have issued alerts for wildfires as temperatures soar
Read more »
Power station operator pledges to fund works to stop reckless car meets itself'Red routes' could be introduced around the Ratcliffe-on-Soar Power Station, enforced by ANPR cameras
Read more »