Energy bills are set to jump, hitting households hard as winter approaches
Energy price cap forecast: new Cornwall Insight Ofgem prediction suggests hike in UK prices for winter 2024A ‘modest’ rise in energy bills is also anticipated in January 2025The rise in the cap may strain finances for households, especially during the winter months
Cornwall Insight also anticipates a potential “modest” rise in January 2025, with the possibility of additional increases early in the year due to ongoing tensions in the Russia-Ukraine conflict.The energy price cap was introduced by the Government in January 2019 and sets a maximum price that energy suppliers can charge consumers in England, Scotland and Wales for each kilowatt hour of energy they use.
The regular adjustments help ensure that the cap remains in line with current market conditions and costs, providing a balance between fair pricing for consumers and sustainability for energy suppliers. With the price cap set to rise, households will face higher energy bills, which could be substantial during winter when energy consumption typically rises due to heating needs.
“Following two consecutive falls in the cap, I’m sure many hoped we were on a steady path back to pre-crisis prices. Cornwall Insight is calling for a reform of the price cap or introduction of social tariffs - special pricing plans designed to assist vulnerable or low-income households with their energy costs.
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