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Household energy bills set to fall below £2,000 for first time since energy crisis began last year

by The Novum Times
29 June 2023
in United Kingdom
Reading Time: 3 mins read
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HOUSEHOLD gas and electricity bills are set to fall below £2,000 in the autumn — for the first time since their sharp rise amid last year’s energy crisis.

Energy analysts say regulator Ofgem’s yearly price cap will drop to £1,978 from October — after falling 17 per cent this weekend, from £2,500 to £2,074.

Gas and electricity bills are set to fall below £2,000 in the autumn

1

Gas and electricity bills are set to fall below £2,000 in the autumnCredit: Getty

Despite the drop from last year’s sky-high levels, households are still having to pay around £1,000 more for energy than they used to.

This comes at a time when there are record high levels of food inflation and a looming mortgage rate shock for 2.4 million households.

Cornwall Insight, which has made accurate predictions throughout the energy crisis, has forecast the October drop. But it expects energy bills to rise again from next January to £2,004.

Last August, the energy price cap hit £3,549 as gas prices soared sixfold on the back of Russia weaponising its resources following the invasion of Ukraine.

Energy bills set to fall by another £96 for millions this year
Households risk missing hundreds in savings before energy bills drop by £426

There were fears supplies across Europe would run short.

The prospect of bills spiralling as high as £6,000 prompted the Government to step in with the energy support scheme, which limited household bills to £2,500. That saved households around £1,000.

Since then, a mild winter, household efforts to reduce energy usage and good amounts of gas storage across Europe have led to a fall in gas prices.

Cornwall Insight said the lower price cap prediction reflected consumers “responding to high prices, energy efficiency measures, weather conditions and other influences by reducing their energy usage”.

The firm’s Dr Craig Lowrey said: “Households are still facing the challenge of bills that are well above historic levels.”

Savings raided at a record

HOUSEHOLDS are dipping into their savings at a record rate in the cost of living squeeze.

Britons withdrew £4.6billion in May, the highest amount since the Bank of England started its records in 1997.

It shows the pressure on household finances even before the most recent interest rate rise and the increase in mortgage costs.

Two-thirds of mortgage holders may have to renew deals this year — facing the shock of higher rates when they do.

Interactive Investor’s Myron Jobson said: “Many are tapping into their rainy-day funds to weather the financial tempest.”



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Tags: beganbillscrisisenergyFallhouseholdSetTimeyear

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