Household energy bills are likely to remain at more than two-and-a-half times their pre-crisis levels until at least 2024, a dire new prediction has warned. Cornwall Insight, one of the country's most respected energy consultancies, said bills will hit a staggering £3,359 per year from October for the average household, and not fall below that level until at least the end of next year.
The price cap on energy bills, which regulates what 24 million British households pay, will hit £3,616 from January and rise further to £3,729 from April. It will begin to fall after that, but only slowly, reaching £3,569 from July before hitting £3,470 for the last three months of 2023.
The latest price cap predictions are hundreds of pounds above previous forecasts from Cornwall Insight, but are slightly lower what another consultancy, BFY, has predicted. In May, the Government announced an energy costs support package - worth £400 per household - in response to predictions that bills would rise to £2,800 for the average household in October.
