Energy bills set to drop by a further £110 at start of July before rising again this Autumn
dailyrecord.co.ukThe average household energy bill is set to drop by another seven per cent from the start of July when the latest Ofgem price cap is applied, according to experts.
Energy consultants Cornwall Insight said they expect the typical household’s energy bill to fall by £116 from the current £1,690 a year to £1,574 on July 1.This would be £500 less than the cap in July last year, when it was £2,074.
But it is slightly higher than the £1,560 the group previously predicted for July, while Cornwall added it expects Ofgem to increase the energy price cap in October, before dropping it again in January 2025.Ofgem will announce the energy price cap for July to September on May 24.
Craig Lowrey, principal consultant at Cornwall Insight, said: “Our projections suggest that from July, the average annual bill will fall by around £500 compared to last summer, offering further relief given the quarter-on-quarter drop seen in April.”He added: “Of course, we must recognise lower prices don’t erase all the problems.
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