The energy bills of UK households are likely to surpass £3,600 annually later this year, and may continue to rise until at least 2024.
The research firm Cornwall Insight has raised its estimate of an energy price cap increase of £3,363 a year to £3,615 a year in January. In the energy industry, the energy price cap is the maximum amount a supplier can charge its customers on a quarterly basis. It is established by the industry regulator, Ofgem. The new estimate is significantly higher than the £1,400 per year estimated in October of last year. The research firm has also predicted that energy bills will reach £3,700 in the second quarter of 2023 before falling back to £3,470 in the third quarter.
Check full Report GLO, SSE, NG Stocks |
image source - gmstockstudio, shutterstock