The forecast for summer energy bills has changed.
Earlier this week Martin Lewis urged people to take meter readings before the new energy price cap starts on Monday, April 1 to ensure their next monthly bill will be accurate and in-line with the upcoming 12.3 per cent drop. Annual costs are set to fall from £1,928 to £1,690 - a saving of £238 over the coming year.
Posting on X, formerly Twitter, the consumer champion told his 2.8 million followers: “Bad News. The new energy price cap predictions just out from @CornwallInsight show rates aren't longer looking to drop as much as they were. Though remember the further out the more crystal ball it is.” Ofgem changes the price cap every three months based on several factors, the most important of which is the price of energy on wholesale markets. Wholesale prices recently hit their lowest point for a quarter of a decade, but have risen a little in recent weeks.
Dr Craig Lowrey, principal consultant at Cornwall Insight, said: “With wholesale prices hitting a two-and-a-half-year low, it was only a matter of time before a slight rise occurred as the market stabilises," said Dr Craig Lowrey, principal consultant at Cornwall Insight.
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