ENERGY bills are expected to fall by £268 to £1,660 in April, forecasts suggest.
Analysts at Cornwall Insight, who have correctly predicted the energy price cap since the start of the crisis, now predict energy bills should fall by 14 per cent to £1,660 in April.
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The easing from the current £1,928 average household energy bill will come as further relief to under-pressure households.
Craig Lowrey at Cornwall Insight said “current forecasts of price cap dips later in the year may offer a small light at the end of the tunnel.”
However, the cap is still significantly higher than the average £1,073 bill three years ago.
Energy bills and pump prices soared after Russia’s invasion of Ukraine, which raised fears about supplies of gas and oil as Putin weaponised supplies.
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The UK government stepped in to help British households by capping bills at £2,500 at a time when bills could have hit £4,000.
Oil and gas prices have fallen significantly as Europe and Britain have proved to be more resilient than first thought and markets have broadly shrugged off jitters about the Israel-Hamas conflict.
However, prices have risen in recent days after attacks by Houthi rebels on ships crossing the Red Sea caused BP to divert its oil tankers. Any extra delays to oil deliveries and supplies could have an impact on prices.
“History has shown that the wholesale energy market is highly volatile, and unexpected global events can lead to spikes in energy prices, ultimately feeding through to household bills – as we saw this time last year”, Mr Lowrey said.
