Households face a hefty hike to their energy bills in April, predicts Cornwall Insight, after it warned that the price cap would not fall below the reduced subsidy rate in time for Ofgem’s next update later.
- Feb 22, 2023, 10:30 AM CST
The energy specialist expects the price cap to drop heavily in the second half of the year, when the fall in gas prices will be reflected in season-ahead contracts and hedging – which is how suppliers typically buy energy for customers. Ofgem is set to announce the cap for the second quarter of the year on February 27, establishing the maximum price for an average energy user on a standard variable tariff from April to June.Energy Price Guarantee
Dr Craig Lowrey, principal consultant at Cornwall Insight said: “Regrettably the forecast for April looks set to leave the price cap above the increased Energy Price Guarantee level, meaning average annual consumer bills will effectively jump 20 per cent.
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