New analysis from energy experts at Cornwall Insight suggests that gas and electricity bills are set to drop significantly from the start of July. The industry consultancy firm said on Tuesday that it thinks the price cap on energy bills will fall by more than £1,200 for the average household when it is next updated.
However, because the UK Government’s £2,500 Energy Price Guarantee, which has artificially lowered bills, will fall away, households will only be around £437 better off per year on average. The price cap will be changed again in October to bring the average bill to around £2,098, before hitting approximately £2,163 next January.
The analysts at Cornwall said they expect the price of electricity will drop to 29.55p per unit from the start of July from 33.2p today with UK Government support. Gas prices will fall from 10.3p today - including UK Government support - to 7.55p from the start of July.
