Price cap forecasts for January rise to over £4,200

Price cap forecasts for January rise to over £4,200: New forecasts for the January Default Tariff Cap (price cap) from Cornwall Insight have risen by over £6501, meaning a typical household is now predicted to pay the equivalent of £4,266 a year for the three months to March 2023. Forecasts for the October cap have…
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Race in onshore energy networks

Race in onshore energy networks: UK’s onshore electricity network market will soon undergo a serious overhaul. The government has revealed details of the meeting on the introduction of a framework that would give access to competition in onshore electricity networks. Currently, electricity network companies are liable for building, owning and operating electricity network infrastructure, ensuring it’s ready to meet the energy…
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Bad debt recovery decision deferred

Bad debt recovery decision deferred Ofgem has disclosed that it will put off its appointment on the introduction of an allowance in the price cap to recover bad debt. The consultation would aim to make sure the cap reveals the efficient prices incurred by suppliers because of bad debt and other debt related costs as…
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Estimations for £4K mark on winter energy bills

Estimations for £4K mark on winter energy bills Britons may soon discover themselves paying more than £4K per year for the energy they consume. New analysis from Investec Bank Plc implies the cap on default energy tariff may increase to £4,210 a year in January 2023. It is worth pointing out that the prediction is…
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New energy price cap to be about £3.5k

New energy price cap to be about £3.5k Average yearly energy bills could increase to £3.5k, according to the Bank of England (BoE). At a press conference where officials reported the largest interest rate hike in 27 years while forecasting a prolonged period of recession for the UK, Governor Andrew Bailey stated: “We think, on…
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Price cap to stay above £3k a year until 2024

Price cap to stay above £3k a year until 2024: New forecasts for the Default Tariff Cap (price cap) from Cornwall Insight have shown a typical household’s energy bill will be well over £3,000 a year for the next 15 months, with the average bill over Summer 2023 (Apr-Sep) sitting at £3,649 – just over…
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Responses from industry to energy pricing report

Responses from industry to energy pricing report: The Business and Energy and Industrial Strategy Committee has now released its report closing its inquiry into energy pricing as well as the future of the energy market. MPs have demanded the government to update its energy bill support package to protect customers before the predicted additional rises…
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2/3 energy professionals say market needs reform

2/3 energy professionals say market needs reform: A survey conducted of over one hundred leading energy market professionals from across the investment and advisory community, conducted by Cornwall Insight, from the attendees of it’s Financing Net Zero forum, has shown nearly two thirds (63%) of people working in the energy industry1 believe the UK market…
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Ofgem tells energy suppliers to improve direct debit

Ofgem tells energy suppliers to improve direct debit Today (Wednesday 13 July 2022), energy regulator Ofgem has told a number of energy suppliers to take immediate and urgent action, after a review found a range of weaknesses or failings in the way they charge customers direct debits. Out of a total of 17 large suppliers…
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More energy bill support for households in need

More energy bill support for households in need The government has been urged to offer more aid to households in need amid energy catastrophe. The call follows predictions from the Chief Executive of Ofgem in the past week and analysts’ estimated that energy costs are heading above £3.2k a year in the up-coming months. Trade…
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