‘Energy bills to drop by £440 in July’

Electricity is expected to fall in price by 3.65p, with gas dropping by 2.75p

Big Zero Show 2023

From July, energy bills are set to drop by £440 for millions of households.

That’s according to analysts at Cornwall Insight, who claim that the average home will be paying £2,060 each year for their energy from July.

Electricity is expected to fall in price by 3.65p, with gas dropping by 2.75p.

The reason for the fall in prices is the government’s Energy Price Guarantee will be finishing in July – which had kept the cost of bills frozen at £2,500.

Ofgem is set to announce the July price cap later this month, after the price of wholesale gas and electricity has fallen.

Dr Craig Lowrey, from Cornwall Insight, said: “As the wholesale energy market has levelled out in recent weeks, our predictions for the price cap have followed suit.

“Some energy suppliers will potentially look to leverage this opportunity to bring back fixed tariffs on or around the price cap, with stable projections lowering concerns they will lose out over the fixed term.”

The company estimates the price cap could reach £2,098 in October.

Network with hundreds of businesses and public sector organisations taking bigger steps to net zero. Book your FREE ticket to the Big Zero Show 2023 now. 

If you enjoyed this story you can sign up to our weekly email for Energy Live News – and if you’re interested in hearing more about the journey to net zero by 2050, you can also sign up to the future Net Zero newsletter. 

Latest Podcast