The energy price cap in the UK is set to remain notably higher than pre-pandemic levels, according to recent estimates by consultancy Cornwall Insight.
From 1st July, the energy price cap is set at an annual level of £2,074.
The price cap level is determined by the average energy consumption of a typical household and represents a cap on the energy unit price, not a limit on total bills.
Consequently, individual customers’ expenses will vary based on their energy consumption, geographical location and payment method.
As of October 2023, the price cap for a typical dual fuel, direct debit consumer is expected to decrease to £1,860 according to the consultancy’s estimates.
However, this initial dip in the price cap will be followed by a projected rise to around £1,960 in January 2024.
Subsequently, there are forecasts for small decreases in March (£1,916) and July (£1,870).
