{"id":36715,"title":"UK Energy Bills Set to Rise by £19 Pounds in January 2025 as Cornwall Insight Revises Forecast","publisher":"Stockmark.IT","author":"Stockmark.IT Website","published":"2024-11-19T07:56:07+00:00","modified":"2024-11-19T07:56:07+00:00","canonical_url":"https://stockmark.it/uk-energy-bills-set-to-rise-by-19-pounds-in-january-2025-as-cornwall-insight-revises-forecast/","markdown_url":"https://stockmark.it/uk-energy-bills-set-to-rise-by-19-pounds-in-january-2025-as-cornwall-insight-revises-forecast.md","json_url":"https://stockmark.it/uk-energy-bills-set-to-rise-by-19-pounds-in-january-2025-as-cornwall-insight-revises-forecast.json","category":"Energy","categories":["Energy","Markets"],"featured_image":"https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-2024-11-19T075554.135.jpg?fit=1200%2C800&quality=89&ssl=1","format":"news","language":"en-GB","content":"British households are bracing for another increase in their energy costs as mounting international competition for gas continues to drive prices upward. Cornwall Insight, a leading energy consultancy, projects that Ofgem will announce a £19 rise in the typical household’s dual-fuel energy bill this Friday, pushing costs to £1,736 annually.\n\nThe latest projection marks a significant shift from earlier forecasts, which had suggested a potential decrease. The revision reflects persistent market pressures and heightened global demand for natural gas. The current price cap, which rose to £1,717 last month, represented the first increase since January 2023.\n\nThe timing of this announcement coincides with a severe cold snap across the UK, with the Met Office issuing yellow weather warnings for snow and ice across substantial portions of the country. Market analysts note that energy prices remain hundreds of pounds above historical averages, with global events continuing to influence market volatility.\n\nCraig Lowrey, principal consultant at Cornwall Insight, emphasises that supply concerns have maintained market volatility throughout the year. The consultancy advocates for the consideration of social tariffs, price cap adjustments, and targeted support mechanisms for vulnerable households.\n\nThe situation is particularly concerning for pensioners, as recent policy changes have resulted in the withdrawal of winter fuel payments from approximately ten million recipients. These payments, valued at up to £300, are now restricted to individuals receiving pension credit or means-tested benefits.\n\nBritain’s increased dependence on American liquefied gas imports, following the Russian invasion of Ukraine, has contributed to price instability. The competition for gas supplies has intensified further due to heightened Asian demand, resulting in elevated European gas prices and creating additional pressure on UK household budgets."}