The July price cap is predicted to be £1,574 per annum.
This represents a fall of approximately 7% from the current price cap, set at £1,690 per year for a typical consumer.
If these predictions hold, it would mark a 25% decrease over the past year, with prices around £500 lower than in July 2023.
Cornwall Insight has released its final forecast for the July-September Q3 2024 Default Tariff Cap following the closure of the observation window on 16th May.
Looking ahead, Cornwall Insight forecasts a slight rise in the cap in October, followed by a decrease in January 2025.
Recent predictions have shown a slight increase as gas and electricity prices rebounded from their 30-month lows in February and then stabilized from mid-April.
This reflects short term market influences such as weather and supply availability, as well as longer term drivers including geopolitical concerns and raised oil prices.
Despite the reduction in the price cap, energy bills remain significantly higher than pre-crisis levels.
Earlier this year, Ofgem announced a comprehensive review of the cap and its structure.
Significant changes to the energy price cap could be introduced within the next one to two years.
