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Britain's energy price cap to rise 18% in July, Cornwall Insight says
The energy price cap will rise to about £1,929, adding nearly £300 annually to typical UK household bills due to higher wholesale costs linked to the Iran conflict.
- Cornwall Insight forecast that Ofgem's energy price cap will rise 18% in July, increasing typical dual-fuel household bills by £288. This surge reflects higher wholesale energy costs driven by the Middle East conflict.
- Wholesale gas prices have more than doubled since the conflict began on February 28, with experts warning prices will remain elevated until Iran releases control of the Strait of Hormuz. This waterway carries around 20% of the world's oil and gas.
- Energy bills are falling by £117 from April 1 due to removed green subsidies. Minister for Energy Consumers Martin McCluskey stated that tackling the affordability crisis remains the government's "number one priority" amid these pressures.
- Shadow Energy Secretary Claire Coutinho urged the government to adopt the Conservatives' "Cheap Power Plan" to cut bills by £200 immediately. She argued that shutting down North Sea production causes a loss of £25 billion in tax receipts.
- Ofgem will confirm the final July price cap level by May 27. Analysts at Cornwall Insight warned that a rise is "effectively unavoidable," as rocketing March wholesale prices are now locked into the calculation.
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Total News Sources15
Leaning Left5Leaning Right1Center8Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 36%
C 57%
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