Surging wholesale gas and electricity prices could push up the default price cap to an eye-watering level for UK consumers, a Cornwall Insight analysis has found.
Recent years have seen average energy bills hover around £1,100 a year. The estimate from Cornwall Insight, however, is that owing to surging prices, both as a consequence of geopolitical pressures in Europe and general supply concerns, typical energy bills would increase by 46 per cent in the summer months of 2022 to £1,864 and by over 75 per cent to £2,240 in the winter months.
It remains to be seen whether these figures are realised but Chancellor Rishi Sunak has seemingly slapped down hopes that the government will rush to the aid of hard-pressed consumers.
