Relief for millions of households as experts say energy bills to fall as ‘the wholesale energy market has levelled out’

Energy industry consultancy Cornwall Insight has said that they believe the energy bills will significantly fall from the start of July.

The consultancy thing the energy price cap for bills will plummet by more than £1,200 for millions of households on the UK.

The government bill support will stop meaning that households will be just £437 better off and the analysts expect that from the start of July electricity will fall to 29.55p per unit.

Dr Craig Lowrey, a principal consultant at Cornwall Insight, said that some energy suppliers could start to offer deals and bring customers into fixed price deals if they chose too.

Dr Lowrey said, “As the wholesale energy market has levelled out in recent weeks, our predictions for the price cap have followed suit.

“Some energy suppliers will potentially look to leverage this opportunity to bring back fixed tariffs on or around the price cap, with stable projections lowering concerns they will lose out over the fixed term.

“This potential re-emergence of competitive tariff propositions presents an opportunity for households to finally get a grip on their energy bills, having been hit hard by the energy crisis.

“While this seems positive, fixing energy tariffs is a gamble – the market may go down as well as up, and households run the risk of getting locked into bills higher than the price cap.

“We are faced with several uncertainties as we look beyond the July price cap, with ongoing consultations on the cap modelling and other legislative changes that could potentially bring significant changes.

“This leaves our predictions for the end of this year and beyond potentially vulnerable to change.”