Ofgem today confirmed that the Q2 price cap will remain significantly higher than pre-crisis levels, causing the energy industry to urge the government not to "ignore" these sky-high prices "as the new normal".
Cornwall Insight's latest price cap predictions reach their lowest in over two years, but principal consultant Dr Craig Lowrey warns the UK energy system remains on a "tightrope."
The latest Default Tariff Cap prediction for April has fallen by £40 since December, with energy costs in 2024 estimated to hit their lowest since the Russia-Ukraine war began.
In this blog, Current± probes the price cap, reviewing how and why the cap levels have changed throughout the energy crisis and examining what place the mechanism has in the UK’s future energy market.
On the 1 January 2024 the Default Tariff Price Cap was set at £1,928, leaving households paying almost double pre-energy crisis levels for their energy bills.
Cornwall Insight’s latest Default Tariff Cap (price cap) predictions see a 14% fall to £1,660 per annum for the period between 1 April and 30 June 2024.
