Analysis has forecast that the cap on annual energy bills will fall to £2,478 for an average bill in the summer, down from its previous estimate of £2,640 earlier this month, and average £2,500 a year in the second half of 2023.
The prediction is significantly lower than the consultancy Cornwall Insight’s forecast last week of bills settling at about £2,800 from July.
Wholesale gas prices have fallen in recent weeks as mild weather and high levels of gas storage in winter has allayed some concerns over future shortages of Russian gas. However, bills remain far higher than before the start of the energy crisis in 2021, when households were paying roughly £1,200.
UK household energy prices are capped under the government’s energy price guarantee (EPG) at £2,500 for a typical household – although there is no limit on the amount a household can be charged, depending on usage. That cap rises to £3,000 in April for a further 12 months.
If you’re already with the cheapest energy supplier in your area, you’ll find out immediately and there will be no need to switch. The only thing that you will have to do is make sure you are on there cheapest tariff.
As soon as you’ve filled your postcode in and answered a few questions, which literally takes a few minutes, you’ll see a list of all the cheap energy suppliers in your area. This will also include how much you can save with each energy supplier when you make the switch online. You can then go ahead and choose the best energy supplier that offers you the most savings and we will send you an email to confirm the switch. The details are processed and forwarded to the supplier. The supplier will contact you to confirm the date on which your new service will commence. You will have to take a meter reading on this date, to ensure you’re not billed twice for the same energy.
Don’t delay! Find out today if you can get cheaper gas and electricity, by comparing prices of all the energy suppliers.