- As supply and demand in the global wholesale energy market remain under the strain, the typical UK household’s energy bills could reach over £3,600 annually later this year.
- The UK government has already announced £37 billion of help for UK households, including £400 discount in energy bills.
With the global energy supply and demand likely to remain under strain, UK household’s energy bills could well go over touch £3,600 annually later this year and may continue to push up their costs until at least 2024.
The research firm Cornwall Insight has raised its estimates of a £3,363 rise in energy price cap in January to £3,615 a year. The energy price cap is the maximum amount a supplier can charge its customers and is set quarterly by the energy industry regulator, Ofgem. The new estimate is much higher than £1,400 a year as recently as October last year. Further, the research firm has revealed that energy bills will top £3,700 in the second quarter of 2023 before falling back to £3,470 last in the last three months.