Will energy prices creep up next year?

Latest predictions Energy analyst Cornwall Insight expects energy prices to creep up next year, due to "growing volatility in the global wholesale energy market". It predicts that a typical bill for a dual-fuel customer will increase to £1,923 per year in January, with a further small rise to £1,929 in April 2024.

What is the energy price cap?

The energy price cap is the maximum price per kilowatt hour (kWH) that energy suppliers can charge for energy if you are on a standard or default tariff. It is set four times a year by Ofgem, and is based on movements in the wholesale markets. The latest cap saw the unit rate for gas fall from 8p per kilowatt hour to 7p (kWh).

Can fixed energy prices be lower than the current price cap?

While energy bills have only fallen slightly, this has prompted some providers to launch cheaper fixed energy deals, which may be in line with or slightly lower than the current price cap. But, it is important to note that we do not know exactly what will happen to energy prices - so by fixing, you are essentially taking a gamble.

What will the energy price cap look like in 2024?

We look at the latest predictions for gas and electricity bills in 2024 The latest energy price cap (EPC) came into play on 1 October, meaning the average household on a variable tariff should see a 7% drop in their bill.