{"id":77149,"date":"2023-01-04T12:02:05","date_gmt":"2023-01-04T12:02:05","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2023\/01\/04\/warm-winter-may-lower-energy-bills-later-this-year\/"},"modified":"2023-01-04T12:02:05","modified_gmt":"2023-01-04T12:02:05","slug":"warm-winter-may-lower-energy-bills-later-this-year","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2023\/01\/04\/warm-winter-may-lower-energy-bills-later-this-year\/","title":{"rendered":"Warm winter may lower energy bills later this year"},"content":{"rendered":"
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Household electricity bills could fall later this year, one forecast says, but households will still face higher prices in a few months.<\/b><\/p>\n<\/div>\n

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A less generous government cap will increase a UK household’s typical gas and electricity bill from \u00a32,500 a year to \u00a33,000 a year in April.<\/p>\n<\/div>\n

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But warm weather in Europe and high gas supplies have resulted in falling wholesale prices that suppliers are facing.<\/p>\n<\/div>\n

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So a typical annual bill could fall to \u00a32,800 in the summer, forecasters say.<\/p>\n<\/div>\n

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Should energy consultancy Cornwall Insight’s prediction prove correct, the bill to be paid by 26 million households would again be determined by Ofgem’s price cap rather than the government guarantee.<\/p>\n<\/div>\n

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That could mean lower-than-expected costs for government and ultimately taxpayers.<\/p>\n<\/div>\n

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“We need to remain cautious as the government has essentially underwritten a volatile wholesale energy market – a market that is likely to remain unstable throughout the year,” said Craig Lowrey, principal adviser at Cornwall Insight. <\/p>\n<\/div>\n

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“Even if energy prices remain at current levels – which is a big if – the cost to the government throughout the energy price guarantee period will still add to the national debt and will ultimately fall on consumers in the form of higher taxes.”<\/p>\n<\/div>\n

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A large majority of UK households have a variable or standard tariff for gas and electricity. The price per unit of energy is capped in England, Wales and Scotland to a level deemed reasonable by energy regulator Ofgem. The upper limit is set every three months.<\/p>\n<\/div>\n

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The huge costs faced by suppliers meant a household consuming a typical amount of gas and electricity would have been paying \u00a34,279 a year as of early January.<\/p>\n<\/div>\n

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So the government stepped in to help cover some of those costs for people across the UK. Its energy price guarantee means the typical household now pays \u00a32,500 a year, rising to \u00a33,000 a year in April.<\/p>\n<\/div>\n

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That’s still a massive increase in the bills people were used to. In winter 2021\/22 the typical annual bill was \u00a31,277.<\/p>\n<\/div>\n

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Additional living expenses primarily help the most vulnerable with these higher costs.<\/p>\n<\/div>\n

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Although the bills are extremely high, the wholesale prices paid by suppliers – before resale to consumers – are beginning to fall.<\/p>\n<\/div>\n

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The winter in Europe has been unusually warm so far, reaching record temperatures in some places. Many European countries had already filled their gas storage facilities.<\/p>\n<\/div>\n

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If these lower wholesale prices continue, consumers could feel the benefits later in the year, Cornwall Insight predicts.<\/p>\n<\/div>\n

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It suggests that the typical annual household bill could fall to \u00a32,800 from July to September and then remain relatively flat at \u00a32,835 between October and December.<\/p>\n<\/div>\n

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This is far from guaranteed as a cold snap in the coming months and further global tensions could quickly push wholesale prices back up after Russia invaded Ukraine. <\/p>\n<\/div>\n

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Domestic bills would still be far higher than they were before the pandemic and are unlikely to fall back to these levels for many years.<\/p>\n<\/div>\n

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  • What can I do if I can’t pay my electricity bill?<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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    The cost of government support from the price guarantee is still estimated at a total of \u00a337bn, according to Cornwall Insight.<\/p>\n<\/div>\n

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    Meanwhile, businesses are waiting for the government to say what it will do if a plan to fix its energy bills expires at the end of March.<\/p>\n<\/div>\n

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    Business groups expect government aid to be halved, although it’s possible heavy energy consumers will receive support near current levels.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Household electricity bills could fall later this year, one forecast says, but households will still face higher prices in a few months. A less generous government cap will increase a UK household’s typical gas and electricity bill from \u00a32,500 a year to \u00a33,000 a year in April. But warm weather in Europe and high gas […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-77149","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nWarm winter may lower energy bills later this year - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2023\/01\/04\/warm-winter-may-lower-energy-bills-later-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Warm winter may lower energy bills later this year\" \/>\n<meta property=\"og:description\" content=\"Household electricity bills could fall later this year, one forecast says, but households will still face higher prices in a few months. 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