Good news as power payments may drop once more in October
Energy payments will drop once more to £1,860 a 12 months from October when the newest Ofgem value cap comes into impact, a gaggle has predicted.
Figures from Cornwall Insight recommend payments for a typical family will drop to £944.50 a 12 months for electrical energy and £916.16 a 12 months for fuel, with a complete invoice of £1,860.66.
This will go up once more in January, when average energy bills will rise to £1,958.81 a 12 months, together with £976.63 for electrical energy and £982.18 for fuel.
Dr Craig Lowrey, principal guide at Cornwall Insight, stated: “The news of a relative stabilising of energy bills will no doubt leave households with mixed feelings.
“After the surge in bills seen last winter, it may bring a sense of relief to people that energy prices are currently not forecast to surge unexpectedly.
“However, there will also be disappointment with prices still well above the levels seen a few years ago – leaving many longing for more affordable options.”
The group is predicting small decreases in March and July 2024, when common payments will fall to £1,916.74 and £1,870.43 respectively.
Energy payments beforehand fell when the Ofgem price cap went down firstly of July, with Britons presently paying on common £2,074 a 12 months.
Mr Lowrey warned: “The wholesale market remains the main driver of bills, and unfortunately there is no immediate prospect of prices there returning to historic averages.
“Therefore, it becomes imperative the Government and other stakeholders explore alternative measures to cater to consumers.
“This includes options to provide targeted support to the most vulnerable while promoting flexible energy solutions that encourage efficient energy usage.”
Ofgem has this week set out plans to make energy suppliers improve their service for struggling invoice payers.
Energy corporations can be required to maintain their enquiry traces open longer and provide extra momentary fee holidays.
Suppliers can be required to prioritise prospects in weak conditions, or people who characterize them, to ensure they get instant assist.
Neil Lawrence, director at Ofgem, stated: “Suppliers are short-changing too many of their customers, who deserve better.
“Customers need more support when they are struggling and should be able to contact their supplier without frustration or undue delay when they need help.”
For the newest private finance news, comply with us on Twitter at @ExpressMoney_.