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United Kingdom Households Set to Learn Fresh Energy Price Rise

United Kingdom (UK) households are set to learn that their energy bills will rise again from January as hopes for relief from the cost-of-living crisis are put on hold, reported German news agency dpa.  

Regulator Ofgem will announce its latest price cap, with energy consultancy Cornwall Insight predicting it will increase from the current GBP1,834 for a typical dual fuel household to GBP1,931 – a five per cent jump to take effect from January to March.

The forecasts suggest that the typical bill will then fall to GBP1,853 from the start of April, but will not drop below today’s level until July next year.

Cornwall Insight said recent milder weather was helping to bring down gas prices, and this could help reduce bills next year if it continued. “But sharp price falls are not expected,” it said. Principal consultant Dr Craig Lowrey, at Cornwall Insight, said: “An unstable wholesale energy market, coupled with the UK’s reliance on energy imports, makes it inevitable that energy bills will rise from current levels.

“This leaves households facing yet another winter with bills hundreds of pounds higher than pre-pandemic levels, and affordable fixed deals few and far between.”

He added: “The King’s speech acknowledged that it is our exposure to volatile international energy markets that has led to higher and less predictable bills.”

Source: Borneo Bulletin