What is the price cap in 2024?

From 1 January 2024, the Price Cap will be set at an average £1,928 a year for a household paying by direct debit, up from the current rate of £1,834 a year based on typical use. What will happen to prices in the future?

Will the summer 2022 price cap be 3%?

Cornwall Insight predicted the Summer 2022 price cap to within 3%, when it was announced in February. Dr. Craig Lowrey, Principal Consultant at Cornwall Insight said: “In the space of just two weeks, predictions for the price cap levels due in the Summer and Winter of 2023 have jumped by over £200 a year for an average household.

What are Cornwall Insight's forecasts for 2024?

Prior to the introduction of the October – December 2023 Default Tariff Cap (price cap), Cornwall Insight has announced its forecasts for 2024. Our new figures predict the price cap for a typical, dual-fuel, direct debit, household will rise by around 3.5% in January.

What is the energy price cap for January to March?

Ofgem has now announced the energy price cap for January to March. After a series of price drops this year, households will need to brace themselves for rising bills again. The cap will increase by 5%, to £1,928 a year from January, adding £94 to an average annual direct debit dual-fuel energy bill.