Energy bills ‘to rise by almost a fifth’ in just three months
Ofgem’s energy price cap is updated every three months (Picture: Justin Tallis/AFP via Getty Images)
Household energy bills will increase by almost a fifth when the price cap is next updated in July, according to energy market experts.
Cornwall Insight has published its latest forecast for the energy price cap, ahead of a fall in gas and electricity bills coming into effect tomorrow.
The April price cap was set at £1,641 per year for a typical UK home by energy regulator Ofgem before the war in Iran resulted in a spike in costs.
That spike will likely instead be taken into account when the fresh cap is announced in a matter of weeks, ahead of it coming into effect in July.
According to Cornwall Insight, that will mean an increase of £288 or 18% in annual bills.
In a post on X, the consultancy firm said ‘infrastructure damage and continued disruption to marine traffic through the Strait of Hormuz are limiting the potential for any meaningful wholesale price fall’.
It continued: ‘As a result, some of the increase is already effectively baked in.
‘A rise in July is pretty much unavoidable, but how high prices go remains to be seen.’
Martin McCluskey, the Minister for Energy Consumers, said: ‘Action taken by this government on bills will see the energy price cap coming down from tomorrow. This reduction is fixed until the end of June, protecting millions of households with lower bills this spring.
‘Tackling the affordability crisis is our number one priority and I know many families will be thinking about how events in the Middle East might impact the cost of living at home.
‘We will continue to fight people’s corner through this crisis and, as the Energy Secretary has said, if it’s necessary to intervene, we will.’
Got a story? Get in touch with our news team by emailing us at webnews@metro.co.uk.Or you can submit your videos and pictures here.
Follow Metro.co.uk on Twitter and Facebook for the latest news updates.You can now also get Metro.co.uk articles sent straight to your device. Sign up for our daily push alerts here.
Yankees Cut 26-Year-Old Pitcher Just 6 Months After Tommy John Surgery Sports The New York Yankees are fresh off a three-game sweep of the in-state rival New York Mets, where the team got some strong pitching performances from Max Fried (6.1 innings pitched, 2 hits, no runs, 4 strikeouts) and Cam Schlittler (5.1 innings pitched, one hit, no runs, 8 strikeouts). The…
Charles Barkley Breaks Silence on Michael Jordan’s NASCAR Rise Sports Michael Jordan built his legacy on winning. Now, years removed from playing in the NBA, he’s doing it again — this time in NASCAR — and one of his closest former friends is taking notice. As 23XI Racing continues its surge to open the 2026 season, Charles Barkley offered a…
Fed is watching energy price spikes, but Chair Powell says bank is limited in what it can do News By MICHAEL CASEY CAMBRIDGE, Mass. (AP) — Federal Reserve Chair Jerome Powell said Monday that it is important to closely monitor inflation amid a spike in energy prices from the Iran war. Related Articles Rising gasoline prices hit drivers who use their own vehicles for work Southern California’s foreign immigration cut in…
Thieves steal £8,000,000 worth of paintings in just three minutes News ‘Cup and Plate of Cherries’ by Paul Cezanne was one of the acclaimed artworks taken (Picture: via REUTERS) A three-minute heist cost an Italian museum millions in stolen artwork. Four masked men made off with paintings by Renoir, Cézanne and Matissebeing kept near the Italian city of Parma. The raid…
Bills Urged To Make All-In Move for Another Josh Allen Weapon Sports Most would agree the moves the Buffalo Bills have made this offseason have better equipped quarterback Josh Allen and company to compete for a Super Bowl championship in 2026. The team shored up the defense by adding star pass-rusher Bradley Chubb to a three-year, $43.5 million deal, cornerback Dee Alford…
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.
