🔴 The energy price cap will rise to more than £3,700 from April 2023 providing little respite from expensive utility bills, according to fresh estimates.
comes to an end, is £600 lower than the figure previously forecast – £4,348 -, but is still more than £1,700 higher than the £1,971 limit imposed from April to October this year.
A temporary replacement to this scheme – originally intended to protect consumers from steep bill increases – was introduced in October afterThe Government’s EPG initiative came into place on 1 October in Britain and 1 November in Northern Ireland, and will last until 31 March, 2023. Market intelligence firm, Cornwall Insight, which has predicted previous price caps to a high degree of accuracy, has released a fresh set of forecasts setting out what bill payers can expect in 2023.
Although wholesale energy prices have fallen sharply since hitting record highs in late August, energy providers tend to purchase supplies in advance through hedging on the forward market, meaning they will not have been able to take advantage of the reduced prices.
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