Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Energy bills likely to inch higher from April as gas costs climb again

by December 11, 2024
December 11, 2024
Energy bills likely to inch higher from April as gas costs climb again

Energy bills for most British households are poised to rise again this spring, as an uptick in wholesale gas prices and escalating network charges put renewed financial pressure on millions of families.

Forecasts from Cornwall Insight, the energy consultancy, indicate that Ofgem’s price cap could nudge up by around 1 per cent to £1,762 a year for a typical dual-fuel household in April, reversing an earlier prediction of a modest decline. The new figure is slightly above the £1,738 cap that takes effect from January and continues the marked increase from pre-crisis averages of roughly £1,100 annually.

Other proposed adjustments to the price cap—such as allowances for energy-intensive industries—could add a further £20, bringing the total to £1,782 a year.

Europe’s gas prices have seen a volatile year. After dipping to €24 per megawatt-hour in February, they have surged back near a one-year high of €45.5 per MWh. Demand from Asia, driven higher by extreme summer temperatures, has intensified global competition for liquefied natural gas (LNG), on which Britain is increasingly reliant as it reduces its dependence on Russian pipeline supplies following the invasion of Ukraine.

Ofgem, the UK’s energy regulator, has warned that ongoing reliance on LNG imports is likely to keep gas markets volatile into next year. Craig Lowrey, principal consultant at Cornwall Insight, described the outlook for 2024 as “a perfect storm of regulatory changes and market turbulence,” adding that “while significant rises in price are currently unlikely, the degree of any increase will hinge on how the market and regulatory reforms evolve.”

The energy price cap, introduced in 2019, restricts the rate suppliers can charge per unit of gas and electricity. It is recalculated at regular intervals to reflect the costs of an efficient supplier. However, the result is that even at the current level, households face bills roughly 50 per cent higher than those seen before the energy crisis took hold.

Consumer advocates remain concerned. Simon Francis, co-ordinator of the End Fuel Poverty Coalition, noted: “The latest forecast suggests households will be paying about 70 per cent more than they were during the winter of 2020/21. That means an extra £750 per year, pushing more people into living in cold, damp homes and risking the health implications of fuel poverty.”

With gas prices elevated in the wake of geopolitical tensions, including the conflict in Ukraine, the Labour Party has proposed accelerating Britain’s shift toward renewables to reduce exposure to fossil fuel price spikes. According to research by think tank Ember, renewable sources are on track to provide more electricity to the UK grid than fossil fuels this year for the first time, offering a glimmer of long-term relief amid near-term cost pressures.

Read more:
Energy bills likely to inch higher from April as gas costs climb again

0
FacebookTwitterGoogle +Pinterest
previous post
HMRC under fire as thousands of ‘bogus’ Chinese companies exploit lax rules to dodge VAT
next post
A kinder, gentler Trump? President-elect taking a more moderate stance

You may also like

How Blockchain is Shaping the Future of Online...

March 20, 2025

Are you looking for the best assignment help...

November 21, 2024

UK and US sign landmark agreement to regulate...

April 2, 2024

West Midlands named second in Europe for foreign...

February 20, 2024

Christopher Cane On His Role As a Professional...

February 3, 2023

How does the latest Google update impact SMEs?

September 10, 2024

Innovative UK SMEs spend half of turnover on...

October 16, 2023

Small business champion Good Business Pays appoints former...

February 27, 2023

Investing in real estate for retirement: Strategies for...

March 29, 2023

When Labels Fail: What a €400 Million Fraud...

June 25, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Top university degrees lose sway as tech employers prioritise job-ready skills

      June 29, 2025
    • Government urges supermarkets to make healthy food more appealing in bid to tackle obesity crisis

      June 29, 2025
    • Senate Republicans ram Trump’s ‘big, beautiful bill’ through key test vote

      June 29, 2025
    • Chief Justice Roberts sounds alarm on dangerous rhetoric aimed at judges from politicians

      June 29, 2025
    • Britain’s fastest-growing firms revealed for 2025: Dfyne, Nala’s Baby and Hawkstone lead the charge

      June 29, 2025
    • Schumer to force Senate reading of Trump’s entire ‘big, beautiful bill’

      June 28, 2025

    Categories

    • Business (8,332)
    • Investing (2,081)
    • Politics (15,853)
    • Stocks (3,177)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved