Household energy prices predicted to go up again by 8% in 2024
Households are going to be expected to pay an annual energy bill of £2083 from January 2024, according to the latest estimates by asset management firm Investec.
With prices dropping to below £2000 in October 2023, this will not come as good news for the households already struggling to pay their bills.
This translates to a rise of 8% rise when compared to the October price.
Cornwall Insight had previously forecast that the January 2024 price would increase from the October decrease to above £2000 again but the forecast from Investec is highlighting what could be a even bigger rise in the New Year.
The precise figure for the January 2024’s price cap will be announced later this year.
How does this affect by business energy bills
Businesses retail prices follow the wholesale market more keenly and we have been seeing below new price cap levels for business electricity and business gas for the last 3-6 months to reflect movement in wholesale prices.
Businesses are not protected by a price cap, so switching or negotiating the best possible price on renewal is the only way for a business to save money on their bills.
There is no default price cap to move onto for a business when their fixed term contract ends, only the suppliers really high out of contract rates which are 30-40% more expensive than a new contract rate.
Track the wholesale levels of electricity and gas
Business energy prices change every day based on the movement in the wholesale price of electricity and gas. As a business, it is really important that you track this to make sure you make a confident decision on your next energy contract.
You can track the latest price trends by clicking here.
Compare the market
If you are out of contract or approaching the end of a fixed term contract, it is really important that you check the current retail rate of business electricity and business gas.
You can do this completely online. All you need is your business postcode to see the latest business electricity and business gas prices for your meter.