Ofgem is poised to announce its latest tweak to the energy price cap on Thursday, which analysts predict will see an increase in consumer bills from January.
Cornwall Insight analysts anticipate this will see the cap rise from £1,834 currently to £1,931 between January and March.
The regulator’s cap, displayed as the figure an average household would pay on current rates over a year, determines how much suppliers can charge for electricity and gas.
Under Cornwall Insight’s predicted scenario, electricity prices will sit at 28.69p per kilowatt hour, coupled with a 53p daily standing charge, while gas will cost 7.42p per unit, alongside a 30p daily fee.
This would mark increases from the 27p and 7p charged for gas and electricity respectively currently, while daily standing charges would remain the same.
“An unstable wholesale energy market, coupled with the UK’s reliance on energy imports, makes it inevitable that energy bills will rise from current levels,” consultant Craig Lowrey commented.
“This leaves households facing yet another winter with bills hundreds of pounds higher than pre-pandemic levels, and affordable fixed deals few and far between.”