New analysis from energy experts at Cornwall Insight suggests that gas and electricity bills are set to drop significantly from the start of July. The industry consultancy firm said on Tuesday that it thinks the price cap on energy bills will fall by more than £1,200 for the average household when it is next updated.
It will mean that the average household pays around £2,063 per year for their gas and electricity, though this will vary based on how much energy they use. Dr Lowrey said: “As the wholesale energy market has levelled out in recent weeks, our predictions for the price cap have followed suit. Some energy suppliers will potentially look to leverage this opportunity to bring back fixed tariffs on or around the price cap, with stable projections lowering concerns they will lose out over the fixed term.
Top Money Stories Today He also explained that the energy industry is facing several uncertainties beyond the July price cap, with ongoing consultations on the cap modelling and other legislative changes that could potentially bring significant changes.
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Cost of living latest: Energy bills to drop £440 a year under new price cap forecastTypical energy bills will drop to £2,062.91 a year from July, according to Cornwall Insight. Meanwhile, on Thursday we'll be conducting a live Q&A on the UK housing market, so whether it's a dilemma you have or a question on the broader market, you can submit a question below.
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