Energy bills for UK households are forecast to decline 7% starting in October, taking the typical annual bill below £2,000 ($2,543) for the first time in a year.
Energy consultancy Cornwall Insight Ltd. predicts the typical tariff will drop to about £1,926 from the current £2,074 after a recent easing in wholesale gas and electricity costs. Ofgem is set to announce the new energy price cap, which determines the maximum tariffs suppliers can charge most households in Britain, on Aug. 25.
Ofgem’s new cap will be £1,823, according to Cornwall Insight. But in calculating that, Ofgem has lowered the assumed consumption level for a typical household. “While a small decrease in October’s bills is to be welcomed, we once again see energy price forecasts far above pre-crisis levels, underscoring the limitations of the price cap as a tool for supporting households with their energy bills,” said Craig Lowrey, a principal consultant at Cornwall Insight.
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