Martin Lewis discusses Octopus Energy's acquisition of Bulb
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Cornwall Insight, an independent energy research and analysis firm has announced their predictions for a new price cap on household energy bills next April. Their latest forecast for the Default Tariff Cap (price cap) for April – June 2023 have dropped by over £600 since their previous estimates. This prediction provides a lifeline to millions of Britons, who feared that their energy bills would rise to around £4,300 in April, after the Government Energy Price Guarantee scheme ends. While Cornwall Insight initially predicted the bills to reach £4,347.69 in April the recent falls in wholesale gas prices has led the analysts to update their predictions.
Now, once the Government’s Energy Price Guarantee scheme- which froze household bills at £2,500 since October- ends in April, the average consumer will be predicted to pay £3,702 a year.
They also found that for the rest of the months following April, the energy price cap will continue to fall, as the drops in the wholesale energy market filter through to consumer bills.
While this comes as a relief to millions to families who have been suffering from ever increasing energy bills over the past year, the wholesale gas prices continue to remain well above historic levels.
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