Price cap forecast to rise to over £3,000

The rise in gas prices will lead to further increases in energy bills in the coming months, according to a report

Big Zero Report 2022

The energy price cap could rise to £3,000 in the coming months.

That’s according to a new analysis by Cornwall Insight which predicts that the default tariff cap will be £2,980 in October and £3,003 in January 2023.

The consultancy suggests the increase is primarily led by a rise in gas prices.

These have soared due to recent wholesale market uncertainty surrounding reduced gas flows from Russia to European markets.

Cornwall Insight has also predicted that the cap will start falling in summer 2023.

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