- Energy bills are predicted to rise by over £300 this summer, driven by increased wholesale gas prices due to conflict in the Middle East.
- Leading energy consultancy Cornwall Insight forecasts that Ofgem's July price cap will increase to £1,973, up from £1,641 in April.
- This new forecast of £1,973 represents an upward revision from Cornwall Insight's previous prediction of £1,807.
- Dr Craig Lowrey from Cornwall Insight explained that recent wholesale price volatility will be factored into the July 2026 cap, even if prices stabilise.
- He noted that while the price cap can shield consumers from short-term market changes, it cannot offset a sustained rise in wholesale prices.
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