Energy consultancy Cornwall Insight said it expects the typical household energy bill will rise by 5%, or £85.
The energy price cap is set to rise by 5% in April, according to a forecast by Cornwall Insight, resulting in an increase of £85, bringing the typical household bill to £1,823. This increase is attributed to rising wholesale gas prices across Europe, marking the third consecutive rise, which continues to strain household budgets. Craig Lowrey of Cornwall Insight emphasizes the need for increased UK-based renewable energy to mitigate dependence on volatile international markets. The government aims to achieve 95% clean power by 2030, highlighting renewable energy as a long-term solution to stabilize costs and enhance energy security. Ofgem will confirm the new cap on February 25.
