"Energy bills are set to rise by over 300 this summer, a leading forecaster has warned, as conflict in the Middle East continues to drive up wholesale gas prices."
"Respected energy consultancy Cornwall Insight has predicted Ofgem's July price cap will rise to 1,973 after it decreases to 1,641 from April, a rise of 332."
"Wholesale gas prices have more than doubled since the US launched strikes on Iran at the end of February, with further rises expected."
"Dr Craig Lowrey, principal consultant at Cornwall Insight, said: Due to the nature of the cap methodology used by Ofgem, even if wholesale prices quickly return to pre-conflict levels, some of this recent increase will still be reflected in the price cap."
The Independent focuses on essential topics such as reproductive rights, climate change, and the influence of Big Tech. It emphasizes the need for on-the-ground reporting, especially during pivotal moments in US history. The publication aims to provide accessible journalism without paywalls, funded by donations. Recent forecasts indicate a significant rise in energy bills due to increased wholesale gas prices driven by geopolitical conflicts, with Cornwall Insight predicting a price cap increase by Ofgem. The situation highlights the impact of global events on local energy costs.
Read at www.independent.co.uk
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