Currently, households with average energy consumption pay around £2,074 annually under the existing price cap, which remains in effect until 30th September.
Analysts from Cornwall Insight suggest a drop to £1,860 starting 1st October, although this forecast might change in the coming weeks.
Experts highlight that the projected price cap remains notably higher than the pre-crisis level.
Ofgem’s official announcement of the new price cap is scheduled for 25th August, covering the final quarter of the year.
It’s important to note that the energy price cap isn’t a complete cap on energy expenses; rather, it illustrates the estimated yearly cost for someone with typical energy usage.
Recent discussions about the government’s energy bill support scheme have raised concerns, with the Public Accounts Committee highlighting delays in providing aid to those most in need.
Energy Secretary Grant Shapps recently indicated that government support for rising energy bills during the upcoming winter might be unlikely.
This adds a layer of uncertainty to the issue, leaving many to wonder about the potential balance between the new price cap and available support.