Household energy bills predicted to fall in October

Analyst at Cornwall Insights are expecting the energy price cap to fall further in October from £ 1,720 to £1,698 for a typical dual fuel customer.

They added that there is two months until the final amount will be revealed by Ofgem.

Cornwall Insight principal consultant Craig Lowrey said: “While any reduction in energy bills is welcome, we must not let small fluctuations in the price cap mask the bigger picture.

“Households are still paying far more for their energy than they were before the pandemic, with the current outlook showing little prospect of a meaningful drop over the next few years.

“Our reliance on international energy markets means that while we have a range of supply sources, this brings with it a vulnerability to global events and price shocks – something that was evident in June. If we want to bring real stability and affordability to the energy system, we need to continue, and speed up, our transition to homegrown, renewable power.

“This transition will not happen overnight, and there will be short-term costs along the way. However, in the long-term, building a more self-sufficient energy system is the only way to help shield consumers from international volatility and put us on a more secure and sustainable path for the future.”