Cash-strapped families may finally get some good news when the energy price cap is set for the summer towards the end of this month.
Experts are predicting that average bills may fall to just over £2,000 a year this summer, bringing huge relief at last to families burdened by ever-increasing energy costs for the past 18 months. And the predicted fall in the Ofgem energy price cap will bring the rate to under the energy price guarantee (EPG) rate of £2,500, meaning that households will feel the benefit of a reduction in their costs - if the predictions are correct.
Energy analysts at Cornwall Insight says energy bills for a typical household could drop to around £2,024 for the second half of 2023, £476 below the capped EPG rate of £2,500. It then predicts that between October and December, the average energy bill will be around £2,076 - so a slight rise from the £2,024 level in the summer, but still £424 lower than the rate under the EPG.
