Unseasonably warm weather drives down wholesale energy prices but not household bills
Save time by listening to our audio articles as you multitask—as well as gusty weather for wind farms—has driven wholesale energy prices down across the continent. Unseasonable warmth, rather than energy-saving measures, explained the entirety of the fall in British gas demand from June to October, according to a study by academics at Imperial College London. The mild weather has largely persisted since.
Indeed, “for most people energy prices are going up,” points out Emily Fry of the Resolution Foundation, a think-tank. Thewill become less generous in April, as the government bids to reduce its cost. A typical household will pay the equivalent of around £3,000 for an annual bill. Although the price cap is forecast to fall at the same time—to £3,458, according to Martin Young of Investec, a bank—it will still be above the guarantee.
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