Entering a new year prompts the need for awareness regarding projected trends in energy prices. In 2024, the UK’s energy sector is poised for changes influencing consumers. Let’s explore the anticipated energy price trends for the year.
Price increase applied in January 2024
In January, we saw the price cap increase by 5%. For an average household paying by direct debit for dual fuel, this equates to £1,928 – a rise of £94 over the course of a year. The price cap, updated every quarter, sets a maximum that can be charged to customers for energy bills.
Latest predictions for April 2024
While the first quarter brings increased costs, there’s a positive outlook for the remainder of 2024. Latest predictions foresee the price cap decreasing by approximately 14% in April. For an average household, this would equate to £1,658 over the course of 12 months. This reduction would be great news for consumers.
Predictions for the latter half of the year
Although looking further ahead it’s more difficult to predict accurately, the latest information shows a potential decrease of 4% in July, followed by a slight increase of 3% in October.
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