Energy bills should be under £2,000 due to lower wholesale costs but prices will go up instead

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Average energy bills should be less than £2,000 given the falling wholesale price of gas, but monthly costs are set to increase by £500 instead next week, analysis shows lauriehavelock reports:

The current one-year forward contract price of wholesale gas stands at 154p per therm, according to market data.

Energy wholesale prices have fallen from their peak, where they were driven by Russia’s invasion of Ukraine Across Europe, wholesale gas prices have fallen by as much as 85 per cent since their peak in August 2022, when a shortage in Russian supplies led to panic about blackouts.

 

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