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Energy price cap set to rise to £3,554 on Friday, analysts say

Written by: Sarah Davidson
Energy bills are expected to rise to £3,554 for a typical household from October when the energy price cap change comes into force. 

The forecast from analysts at Cornwall Insight comes ahead of energy regulator Ofgem’s official announcement on Friday 26 August.

The current price cap sits at just over £1,971 for the average household’s annual energy bills following a 54% rise in April – a record.

Cornwall Insight’s updated forecasts now expect energy bills to hit £4,650 in January and £5,341 by April next year.

A separate forecast from research house Auxilione estimates even higher average bills, with its analysts predicting the price cap to hit £6,089 in April 2023.

Cornwall Insight said: “While the predictions for the October cap have remained largely steady over the past two weeks, forecasts for 2023 have risen.

“The calculations reflect a 15% increase in wholesale prices in the last week. The highly volatile nature of the market means these figures are potentially subject to significant change – both up and down – over the next few months.”

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