There could be a glimmer of light at the end of the tunnel if experts' energy price predictions are correct.
Energy consultancy firm Cornwall Insight has forecasted the cost of gas to be below the Government’s Price Guarantee from July this year, although the cost is still predicted to be a hefty £2,800 a year for an average family. Finance firm Investec has gone further, predicting that the Ofgem price cap on energy bills could fall to £3,317 in April, then £2,478 in July.
The price cap is currently set at £4,279 for someone with typical energy use, having risen on January 1 from £3,549. But no one currently pays this, as families are covered by the Energy Price Guarantee which has “frozen” the typical bill at £2,500. This will rise in April to £3,000 but the new predictions could mean that the typical bill falls below this from July. However, bills remain far higher than before the start of the energy crisis in 2021, when households were typically paying £1,277.
