Cornwall Insight forecasts £276 rise in bills from January

Cornwall Insight forecasts that the typical annual dual-fuel energy bill in Great Britain could rise by £276, or 16%, to £1,999 from January 2027, but the figure is not the official price cap and will depend on wholesale energy prices. Ofgem is due to announce the January-to-March cap in November. The forecast compares with the October-to-December level and would mark the largest quarterly increase since January 2023, according to reports citing the consultancy. Cornwall Insight attributed the change to higher wholesale gas prices amid conflict in the Middle East and disrupted supplies. Reports also point to low gas storage levels in Europe as a factor adding to market concerns. A separate increase takes effect October 1, when Ofgem’s cap for a typical household using gas and electricity and paying by direct debit rises by 4%, from an annualised £1,663 to £1,723. That is about £60 more over a year at the new rate. The cap limits unit rates for customers on standard variable tariffs; it does not set a maximum total bill, which depends on how much energy a household uses.