According to experts, the average household energy bill is set to rise by 9% in October when the latest change to the price cap takes effect. Energy consultancy Cornwall Insight expects the typical household’s energy bill to rise to £1,714 a year, up from £1,568 currently, on October 1. The previous prediction in June estimated that the cap would rise by 9.
9% to £1,723. 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”. Cornwall Insight have released our final October-December 2024 price cap forecast.
We are forecasting energy bills will be £1,714 a year for a typical dual fuel consumer. This would represent a 9% increase compared to the July price cap. Read our analysis here:.
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twitter.com/BIe0O34AZr — Cornwall Insight (@CornwallInsight) August 19, 2024 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 .