UK energy bills expected to remain high in 2024

The typical household energy bill will stay at £1,900 per year during the third quarter of 2024, according to a new report

Experts have warned that UK households will continue to bear the burden of soaring energy prices, contributing to the ongoing cost of living crisis.

The latest report by Investec Bank Plc projects that the average household energy bill will remain at £1,900 per year throughout the third quarter of 2024.

In a note, analyst Martin Young noted that while this figure is slightly lower than initial estimates, it offers little respite for struggling households.

Adding to the gloomy outlook, consultancy Cornwall Insight has recently unveiled its own forecast for the energy market.

According to their analysis, high power prices are anticipated to linger until the late 2030s, exacerbating the financial burden on consumers and businesses alike.

Starting from 1st July, the energy price cap for dual fuel households paying by direct debit, based on typical consumption, is set at an annual level of £2,074.

Prior to the energy crisis, the standard annual cost for gas and electricity for a typical household was £1,271.

Make sure you check out the latest Net Hero Podcast episode:

Latest Podcast