Households are expected to pay £500 more in energy bills before the end of the rebate scheme is factored in, Cornwall Insights has forecast.
Under the energy rebate scheme, six installments of about £66 were paid monthly to bill payers from October."While prices under the cap remain considerably higher than historic norms, the combination of falling wholesale prices and an increase in the energy price guarantee could see the return of competitive tariffs, and with it the chance for consumers to take back some control over their energy bills," Dr Lowrey said.
As a result of the reduced cap and the high energy price guarantee, the amount of money paid by the government will fall. Cornwall Insights have predicted the government will save about £2.6bn as a result.That spending on the energy price gap, however, will effectively be zero from July until the end of 2023 as Ofgem's energy price cap is expected to fall below the government's energy price guarantee, according to Cornwall Insights.
Ofgem announces new price caps four times a year and the July and October caps are forecast to be below £3,000. Such caps would mean there is no price difference in the amounts charged by energy companies and the amount customers pay.Special report: UK energy crisis From July to September the cap will be £2,153, Cornwall Insights expects, rising in the final three months of the year to £2,161, all sums below the current £3,000 energy price guarantee.
Cornwall Insights became a prominent voice in predicting levels for the energy price guarantee's predecessor, the energy price cap.
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