Energy prices forecast to rise again in January

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Energy prices forecast to rise again in January

Domestic energy prices are expected to edge up again in the New Year, according to consultancy Cornwall Insight.

The forecaster, which is widely regarded for its accurate predictions, said a household using a typical amount of gas and electricity would pay £1,736 a year from January.

That would be a £17 a year, or 1%, rise compared with a current typical annual bill of £1,717, with prices forecast to stay high for the rest of winter.

Energy regulator Ofgem will announce the next official quarterly price cap on Friday, with some charities concerned about how less well-off households and pensioners will cope during the colder months.

The energy cap limits the maximum price that can be charged for each unit of gas and electricity, rather than the total bill.

This means people in larger properties will tend to pay more overall owing to higher energy usage, and those in smaller properties tend to pay less.

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affects 29 million households in England, Wales and Scotland. Different rules apply in Northern Ireland.

Dr Craig Lowrey, principal consultant at Cornwall Insight, said that while bills will remain “largely unchanged” from October, the news that prices will not drop after rises were seen in the Autumn will still be “disappointing” for many.

“What we’ve been looking at were prices well above the historic norms,” he told the BBC’s Today programme.

He added that there “doesn’t seen to be any sign of a return to pre-energy crisis levels,” referring to the spike in costs seen when conflict between Russia and Ukraine broke out.

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