Anticipated energy bill hike looms for UK households in 2024

UK households face the prospect of higher energy bills next year, with electricity prices set to remain substantially above pre-crisis levels, according to a new report

UK households are bracing for higher energy bills as leading analysts at Cornwall Insight have forecasted an increase in electricity market prices for 2024 and beyond.

It is projected that Britain’s wholesale power prices will surge from an average of £96.64 per megawatt-hour this year to £129/MWh in the coming year.

This surge is primarily attributed to elevated gas prices, which were initially triggered by the Ukraine conflict.

This analysis, based on commodity futures markets data from the end of September, was undertaken before further market fluctuations driven by concerns related to the Israel-Hamas conflict, which could potentially impact oil and gas supplies.

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