Forecasts predict when energy bills will go back down again - but experts warn 'era of cheap energy is over'
The energy price cap will increase by around 80 per cent from the start of October, meaning the average household will pay £3,549 per year for gas and electricity. Gloomy forecasts predict that the cost of energy will continue to soar in the coming months leaving Brits in a bleak position.
READ MORE: Annual energy bills to top £7,000 by spring next year, forecast predicts after latest price cap announcement Consultants at Cornwall Insight and energy consultancy Auxilione have both given close to accurate predictions on the latest change. Auxilione’s final forecast was just £27 above October's £3,549 cap announced by Ofgem today, while Cornwall Insight’s prediction was only £5 above.
However, Brits have been given a stark warning that the “era of cheap energy is over” and bills are likely to remain high for years to come. Nathan Piper, an oil and gas analyst at Investec, said the UK is going to see gas prices remain high despite the easing off of the extreme costs expected next year.
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