In the wake of the most recent three-month review by industry regulator Ofgem, the cap—which sets the maximum price that suppliers can charge per unit of energy—dropped by 7% over night.
The average bill was left at £1,568; this amount will remain in place until the outcome of the subsequent review is announced in October.
But consumers should prepare for an extra financial hit of up to £600 throughout the upcoming winter, according to a research released on Monday by the Energy & Climate Intelligence Unit (ECIU). This is mostly because of rising wholesale pricing.
It suggested that there might be a £200 price cap increase in October.
According to one estimate, which was made public on Friday by Cornwall Insight specialists, there will be ambiguity regarding the future direction of the market but it is expected to rise by 10%, or £155, from October 1 to £1,723 annually.
Consumer advocacy organizations assert that there is an alternative to the price ceiling, citing the increase in fixed-rate offers that has occurred in the market as a result of a recent lack of competition.
