Uswitch comments on the latest price cap predictions from Cornwall Insight
Uswitch has issued the below comment in response to Cornwall Insight's latest price cap predictions for April 2024 and beyond.
Natalie Mathie, energy expert at Uswitch.com, comments: “Suggestions that the price cap could fall significantly in April will bring a glimmer of hope to consumers, but they still face a tough winter with high energy bills over the coming months.
“The cost of energy will rise on 1st January, with many households likely to pay more than they did last year as there is no Government bill support.
“The prospect of a 14% fall in the price in April, and potentially another drop in July, means there is light at the end of the tunnel for consumers if these predictions become reality.
“However, caution is still required as the wholesale market is influenced by many factors. Predictions are less certain the further out they go, and a lot could change between now and February, when the April price cap will be officially announced.
“These quarterly energy price changes cause consumers a lot of financial uncertainty, as it is challenging to budget for a bill when rates can change so frequently.
“If these predictions ring true, we hope that it will encourage suppliers to bring back cheaper fixed deals. Ofgem should ensure it is encouraging suppliers to offer deals widely, and at competitive prices.”
About Uswitch
Uswitch is one of the UK’s top comparison websites for home services switching, including energy, broadband and mobiles.
More people go to Uswitch to switch their energy, broadband and mobile than any other site, and we have saved consumers over £2.7 billion off their bills since we launched in September 2000.
Free mobile app Utrack also helps households manage their home energy usage and make potential savings.
Uswitch is part of RVU, a group of online brands with a mission to empower consumers to make more confident home services, insurance and financial decisions.