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Typical Energy Bill Forecast to Rise by £332 a Year in July
Typical dual-fuel household bills could rise to about £1,973 annually from July due to surging wholesale energy costs linked to Middle East conflict, Cornwall Insight forecasts.
- Cornwall Insight forecasts average household energy bills could rise by £332 in July as Ofgem will set the July price cap on 27 May.
- Surging wholesale prices driven by the Middle East conflict pushed forecasts higher after Israel struck a major gas field on March 18, with Brent crude oil and UK wholesale gas both spiking.
- The forecasted cap of £1,973 shows Cornwall Insight predicts Ofgem's July–September limit for a typical dual‑fuel household, contrasting with the current £1,641 for April–June.
- The UK government said the Cornwall Insight forecast is 'highly speculative' and noted a £117 cap fall from April, amid political pressure for targeted support for households in need.
- Even if wholesale prices ease, recent volatility will be included in the July–September cap, and the Bank of England warns Consumer Prices Index inflation may reach 3%–3.5%, affecting markets and mortgage rates.
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16 Articles
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Total News Sources16
Leaning Left4Leaning Right1Center5Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 40%
C 50%
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