Energy prices set to drop this October for millions across the UK

Latest analysis from the experts is indicating a drop in the energy price cap from October 2023, which is a huge relief for everyone.

The latest from Cornwall insights suggests the average bill for gas an electric could drop by £250 a year as the price cap will be set to £1823 down from the current level set in July at the amount of £2074. Although not back to pre-crisis levels the price of wholesale gas is much and general energy usage has declined compared to previous years. All of this means we will see further reduction, however there is the possibility prices will go back in 2025 especially its a cold winter.

How accurate is Cornwall insights?

Generally previous predictions have been close the mark and have slightly over estimated the cap recently so potentially we could see a lower amount when Ofgem make the updated announcement in October.

Craig Lowrey the principal consultant at Cornwall Insight has said: ‘While a small decrease in October’s bills is to be welcomed, we once again see energy price forecasts far above pre-crisis levels, underscoring the limitations of the price cap as a tool for supporting households with their energy bills.

‘As many, including energy regulator Ofgem have acknowledged, it is essential that the government explore alternative solutions, such as social tariffs, to ensure stability and affordability for consumers.’

What can I do to keep my bills low?

Managing energy consumption is still important and using less energy is still the ultimately still the best way to keep your energy bill low.

Top 5 ways to keep your bills low :

• Turn down your thermostat, especially in winter as this can save you up to £200s a year.
• Keep your curtains and blinds closed in the evening when heating your home this can stop heat loss to your home by up to 15%.
• Turn off radiator’s in empty room, each radiator that’s turned off can save you 5% on your gas bill each year.
• Turn plugs off when you are not using them, energy consumption occurs on devices left on standby. Remember when your not home your router and smart devices can be turned off.
• Consider using electric blankets in winter these cost much less to run a gas boiler usually at 3p per hour rather that up to 38p to run your boiler.