The Latest Breaking News from Cornwall Insight

Early forecasts from Cornwall Insight predict a 75% increase in energy bills from April.

MoneySavingExpert founder Martin Lewis has shared the latest prediction from analysts at Cornwall Insight following an announcement from new Chancellor Jeremy Hunt

MSE founder Martin Lewis says consumers should consider picking a fixed rate energy deal ahead of prices rising again from October, with average gas and electricity costs predicted to be £3,549 a year

The new price cap, announced on Friday morning, is a rise of more than 80% on April's figure of £1,971 and will come into effect for around 24 million households from October 1.

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Robert Buckley, head of relationship development at energy consultancy Cornwall Insight, said the price cap was “always going to lead the market into disrepute"

Analysts say the energy price cap could rise to as much as £7,200 before falling again

Today, energy regulator Ofgem announced that the price cap would rise on 1 October from £1,971 to £3,549. It gets worse. Cornwall Insight, the consultancy that previously predicted today’s rise to the virtual penny, warns it’ll climb to nearly £7,000 a year by next April.

The energy price cap is now being reviewed every three months instead of every six