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UK energy price cap could near £3,000 this autumn

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theguardian.com

The energy price cap could reach nearly £3,000 in the UK at the beginning of October, with the planned increase possibly being more than £1,000 according to a new forecast.It is expected to rise to £2,980.63 for the next period, which runs between October and December, after another spike in wholesale demand prices last week.It is now £1,971, the highest since the cap was introduced, beating the previous high by 54%.

Previous estimates had put the autumn price cap at £2,800.The research firm Cornwall Insight said it could then rise to £3,003 for the January to March period, based on the latest data.Energy prices have soared in the last few months after high demand as economies reopened after lockdowns during the Covid-19 pandemic.Russia’s invasion of Ukraine in late February then added to the problems as countries stopped buying gas from the country, over concerns it would be helping finance its war effort.The government has introduced a multi-billion-pound package of support, including a £400 discount for every household in the country, and a £150 rebate from council tax bills.

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