Craig Lowrey

Aug 7, 2023 | inkl.com | Dillon Smith |Craig Lowrey |Cornwall Insight |Simon Francis

For almost two years almost all tariffs have been priced at or just below the capped level, with no evidence this will change in the near future – meaning the Government is effectively setting the market price for energy and eliminating any chance of customers switching to a better deal, CPS energy and environment researcher Dillon Smith said.

Jul 27, 2023 | inkl.com | Craig Lowrey |Cornwall Insight

Following this initial dip, the cap is projected to rise to around £1,960 in January, before further small decreases in March and July. The price cap fell from £3,280 to £2,074 from July 1 in a relief for consumers who have seen typical bills soar from £1,271 a year in October 2021 due to the global gas crisis.

Jun 29, 2023 | inkl.com | Craig Lowrey |Cornwall Insight

However, the regulator is adjusting its definition of the average household’s consumption from October, down from the current 2,900 kWh a year for electricity to 2,700 kWh, and from 12,000 kWh for gas to 11,500 kWh, to reflect consumers using less energy to cut costs in the face of high prices. Based on Ofgem’s adjusted definitions of average usage, Cornwall Insight has forecast that the regulator will announce price caps of £1,871 a year from October and £1,900 from January.

May 9, 2023 | inkl.com | Craig Lowrey |Cornwall Insight

However, because the Government bill support, which has artificially lowered bills, will fall away, households will only be around £437 better off per year on average. The analysts at Cornwall said they expect the price of electricity will drop to 29.55p per unit from the start of July from 33.2p today with Government support. Gas prices will fall from 10.3p today – including Government support – to 7.55p from the start of July.