Uswitch comments on updated price cap predictions from Cornwall Insight
Uswitch has issued the below comment in response to an update of the price cap predictions from Cornwall Insight.
Richard Neudegg, director of regulation at Uswitch.com, comments: “The prospect of the price cap falling further than expected in April is positive, but it’s little comfort for households struggling through the coldest time of year with high energy bills.
“These predictions suggest prices in April will be 16% lower than they are now, with the hope of a further 7% drop in July.
“Consumers shouldn’t count their chickens yet, however, as the further into the future predictions look, the less certain they are, given the wholesale energy market can change quickly.
“No one will know for sure how much they will be paying in April until the new price cap level is announced in February, making it hard for households to budget in these challenging times.
“We hope these predictions 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.