Summary
Household energy bills in the UK are expected to drop by £22 in January 2024. Although this represents a 1% decrease, energy prices are anticipated to rise again in April due to non-energy costs like policy fees related to renewable energy investments.
Key Facts
- UK energy bills are predicted to decrease by £22 in January 2024.
- The expected new price for typical yearly energy use will be £1,733.
- This change marks a 1% reduction from the current price cap of £1,755.
- Cornwall Insight, a consultancy, provided these forecasts.
- Energy prices are expected to increase again in April 2024 due to non-energy costs.
- Rising costs are linked to levies and policy decisions about renewable energy.
- Ofgem, the energy regulator, sets the price cap every three months.
- The price cap affects about 22 million households in England, Wales, and Scotland.
