According to the BBC, analysts at Cornwall Insight predict that domestic energy prices will fall by almost 7% a year in July. The £129 reduction in Ofgem’s price cap helps. This means that the average gas and electricity bill should fall to £1,720 a year. This is down from the current level of £1,849. Cornwall Insight had originally predicted a larger fall – to £1,683. They commented, however, that the new forecast reflected higher wholesale energy prices. It has also predicted that the energy price cap will fall again in October, followed by another drop in January 2026.
iBOSS Comment:
Good news, but the question is “What will energy costs come down to for businesses in the UK?”. Essential if we are to compete on a global scale in future, especially when our costs are among the highest in Europe!