Russia Today (RT) reported citing a report by Cornwall Insight that “This is an increase of 5% from the current price cap, which is set at £1,834 per year for a typical consumer.”
Prices are much lower than the peaks seen last year during the energy crisis in Western Europe, however, they remain well above historic levels.
The price cap will decline from the end of March 2024, Cornwall Insight writes, “although this remains subject to the ongoing volatility in the wholesale energy markets.”
Geopolitical concerns, including disruptions to the Finnish Balticconnector natural gas pipeline, the Zionist regime-Hamas conflict, and industrial action at gas production facilities in Australia, have all contributed to the higher energy unit prices.
“An unstable wholesale energy market, coupled with the UK’s reliance on energy imports, makes it inevitable that energy bills will rise from current levels. This leaves households facing yet another winter with bills hundreds of pounds higher than pre-pandemic levels, and affordable fixed deals few and far between,” said Craig Lowrey, Principal Consultant at Cornwall Insight.