The energy price cap could top £7,000 next year, experts warned for the first time, as Ofgem announced the highest cap on record. The energy regulator said that the price cap for the average household would increase by 80% to £3,549 for the three months starting in October.
However experts at energy consultancy Auxilione warned that the cap could double even from that record high by April next year, hitting £7,263. The prediction is based on the current cost of buying energy on global markets and also sees bills hitting £5,405 in January.
Fellow consultants at Cornwall Insight are a little more optimistic. Their model expects the cap to only reach £5,387 in January and then £6,616 from April. Both consultancies then expect bills to fall by between £700 to £800 in July when compared to the April cap.
