‘Energy bills to rise by nearly 50%’

Price cap is predicted to increase to £1,900 a year from April

Big Zero Report 2022

As the crisis in the energy market deepens, analysts have predicted that the price cap could soar to almost £2,000 per year from April.

Consultancy Cornwall Insight estimated the price cap will be just under 1,900 a year for a typical dual fuel customer.

It suggests the default tariff cap will be £1,897 for summer and £2,054 for winter.

The consultants note that the next two periods include the costs created by supplier failures – they estimate the total cost will stand at £2.4 billion, excluding the costs associated with Bulb‘s special administration.

The current winter 2021-22 cap level stands at £1,277 per annum.

Cornwall Insight analysts had previously found that the difference between the current price cap and the cheapest deals is just £2 per year.

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