Octopus Energy boss forecasts lower UK energy bills in April 2024

Octopus Energy CEO Greg Jackson has predicted that the next household price cap is going to be significantly lower than current levels.

Given the recent drops in the wholesale price of gas, Mr Jackson told the BBC that the forthcoming price cap would be notably lower than the current rates.

This reduction is attributed to providers prepaying for gas and given that prices currently are the lowest they have been since the energy price crisis, suppliers have been able to secure gas at a much cheaper level.

Despite the ongoing rise in bills for many due to the January price cap, Mr Jackson remains positive about the outlook.

Forecasts from consultancy Cornwall Insight indicate a projected £268 annual reduction for typical households in April, bringing bills down to £1,660.

If you want to see more information on the wholesale market trends subscribe to our weekly report here.