Households could find themselves with heftier bills next year if Ofgem's price cap increases
Most recent forecasts indicate that the energy price cap is likely to remain above the current level at least until the end of next year s price cap will rise to £1,923 from January, up from its current level of £1,834. There will be a further small rise to £1,929 in April 2024, it predicted.
This is a result of recent events around the world which have left their mark on energy price predictions.and industrial action at gas production facilities in Australia have collectively caused price cap predictions for April, July and October to jump by 5 to 6 per cent since September. This is equivalent to £91 to £110.
The ramifications of events in Gaza, which caused production to cease at key Israeli gas fields, saw lower gas output to Egypt where it is processed, affecting supply and prices. The UK’s increasing reliance on liquefied natural gas , as it moves away from Russian pipeline gas, has also made it particularly susceptible to disruptions in this market.
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