![]() Initial concerns for the wholesale energy market such as the Israel-Hamas conflict and LNG strikes in Australia, have not yet impacted energy supplies – continued market researcher – meaning that wholesale energy prices are, as yet, unaffected.Ī mild winter was another contributor to lower energy prices, leaving gas-in-story levels higher than initially predicted.ĭr Craig Lowrey, principal consultant at Cornwall Insight said that the falling cap predictions “may offer a small light at the end of the tunnel” for UK households, as the stabilisation of international energy markets “trickles down” to 2024 price cap predictions. ![]() The market researcher cautiously heralded more good news, predicting that this downward trend would continue into 2024, falling to a low of £1,590 in Q3 before a slight increase to £1,639 in the following quarter.įigure 1: Cornwall Insight’s Default Tariff Cap forecasts (dual fuel, direct debit customer) Data: market close /Table: Cornwall Insight.įigure 2: Default Tariff Cap forecasts, Per Unit Costs and Standing Charge (dual fuel, direct debit customer) Data: market close /Table: Cornwall Insight.Ĭornwall Insight attributed this decline to a number of factors, including a welcome decline in energy wholesale prices. This means that a typical dual fuel household paying by direct debit would pay £268 less than the Q1 price cap which was set by Ofgem at £1,928. ![]() Cornwall Insight’s latest Default Tariff Cap (price cap) predictions see a 14% fall to £1,660 per annum for the period between 1 April and 30 June 2024. ![]()
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