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Energy prices are set to rise for UK households in the New Year. The consultancy firm, Cornwall Insight, predicts that a household using a typical amount of gas and electricity will pay £1,736 a year from January. This is an increase of £17 or 1% compared to the current typical annual bill of £1,717. Prices are expected to remain high for the rest of winter and may rise further due to geopolitical tensions, bad weather, and maintenance work on Norwegian gas infrastructure. Cornwall Insight predicts that the energy price cap will only drop slightly in April and October 2025.
The energy cap limits the maximum price that can be charged for each unit of gas and electricity, rather than the total bill. Ofgem, the energy regulator, will announce the next official quarterly price cap on Friday. Charities are concerned about how less well-off households and pensioners will manage during the colder months. The energy watchdog’s price cap affects 29m households in England, Wales, and Scotland, but different rules apply in Northern Ireland.
Dr Craig Lowrey, principal consultant at Cornwall Insight said the news that prices will not drop after rises were seen in autumn will still be disappointing for many. He added that there “doesn’t seem to be any sign of a return to pre-energy crisis levels,” referring to the spike in costs seen when conflict between Russia and Ukraine broke out. The market is still “very sensitive” to global events, with higher prices likely to be “the new normal.”
The decision by the new Labour government to withdraw winter fuel payments for millions of pensioners has faced criticism. Future payments will only be made to those getting pension credit or other means-tested help. The government argues the move was necessary to address the financial “black hole” it inherited from the Conservatives. However, politicians and unions have warned that older or vulnerable people with disabilities could risk their health by cutting back on heating their homes as a result. In Scotland, a couple has been given permission to proceed with their own legal challenge against both the UK and Scottish governments over the changes to the benefit
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