"A rise in July is pretty much unavoidable, but how high prices go remains to be seen. There is some relief in the timing, summer is when energy demand is at its lowest, which should soften the impact on household energy expenditure."
"This forecast represents a slight decrease from earlier predictions of £1,973, which Cornwall Insight attributes to a 'partial steadying' in wholesale markets following a pause in strikes on energy infrastructure and tentative ceasefire signals related to the Iran conflict."
Household energy bills in the UK are expected to increase significantly this summer, with forecasts indicating a rise of nearly £300. Analysts predict Ofgem's price cap will reach £1,929 per year for a typical dual-fuel household between July and September, an 18% increase from April. This forecast reflects a slight decrease from earlier predictions due to a stabilization in wholesale markets. However, a rise in July is deemed unavoidable, and prices are unlikely to return to pre-war levels soon. Contingency measures may be introduced by the government to support households facing rising costs.
Read at London Business News | Londonlovesbusiness.com
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