Cornwall Insight has released its latest Default Tariff cap predictions for July to September (Q3) and October to December (Q4) at £2,024.58 and £2,076.12 respectively.
In response to yesterday’s announcement, the energy sector has united in a call for stronger support for UK households struggling to pay their energy bills.
Ofgem has today confirmed (27 February) that the energy price cap will be set at £3,280 for typical dual fuel households. Despite a £1000 reduction from the current cap however, households will see no benefit as bills continue to rise.
Cornwall Insight has released its latest Default Tariff Cap forecast - calculated from market closing prices on Friday 3 February - demonstrating a rise of just under 10% from January’s predictions.
Cornwall Insight has confirmed that the latest forecasts for the Default Tariff Cap have seen energy bill predictions fall to £3,208 from April 2023 as a result of positive gas storage and demand reductions in Europe.
The drop in wholesale power prices has meant that the Default Tariff Price Cap is now projected to fall below the Energy Price Guarantee (EPG) from July (Q3 2022).
The UK Government has announced plans to almost half the predicted MWh price for electricity and gas for businesses this winter, to £211/MWh and £75/MWh respectively.
Following the official announcement of the energy bills freeze over the coming winter by Prime Minister Liz Truss on Thursday 8 September, the government has released the first details of how exactly it will work.
The price cap is to be set at £2,500 for two years from October onwards, Prime Minister Liz Truss has announced as part of a range of measures designed to address the energy crisis.
