Cornwall Insight says Ofgem is expected to increase the energy price cap by 1% from January.
Since war broke out between Russia and Ukraine, fuel costs have remained stubbornly high Your energy bills won’t be going down anytime soon, forecasters say. Every three months, Ofgem announces what the energy price cap is – the maximum gas and electricity suppliers can charge people. The cap, expressed in terms of how much the average home would pay a year, is expected to rise by £19 on January 1, Cornwall Insight said. This would drag bills up by 1%, from £1,736 to £1,717.
According to Cornwall’s calculations, the unit rate for electricity will be 24.50p per kilowatt-hour, for a standing charge of 61p per day – this is what you pay every day even if you use no electricity. The energy price cap is revised every three months Gas, meanwhile, would be about 32p. Cornwall stressed that the energy price cap is expected to fall slightly in April and again in October next year. Lowrey said that the cap, first introduced in 2019, isn’t enough.
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