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"By providing time for the development and integration of new energy sources, we can minimise the impact on prices and reduce reliance on costly imports during the transition. "
"While bills are falling, the cap is still expected to remain comparatively high against historic norms, and those hoping to see a return to the kinds of bills seen at the start of the decade will be disappointed."
"Since our previous forecasts, concerns regarding lower energy capacity on the continent have increased. Due to a rise in export requirements and limited import capabilities, prices are expected to remain significantly higher than pre-pandemic levels."
"The latest predictions indicate a significant increase in exports to the continent, the growth, particularly attributed to the decrease in France's nuclear capacity and the increase in wind capacity in GB, will likely result in power costs levelling out at a higher rate, surpassing pre-pandemic levels."
"While consumers may feel more secure, we must not underestimate the fact that these bills remain unaffordable for many households."
"As we wait to see the effects the closure will have on power prices, one thing is for sure, NSW must stay vigilant and committed to supporting the continued expansion of renewable energy and energy storage solutions."
"These predictions should not be taken as a signal that the problems in the energy market have been resolved, but instead used as motivation to implement an energy system which will stop us from ever again seeing the market highs that caused"
"Vulnerable businesses, some already struggling post-pandemic, may find reduced support levels and expensive fixed contracts a tough pill to swallow."
"While the government’s decision will come at an estimated additional cost of £2.6bn for the three months to July, Default Tariff Cap predictions indicate that the EPG costs will be short-lived".
"Any single factor can influence the pace and pattern of storage refill, and perhaps more pertinently, change the cost paid to achieve it. We are certainly not out of the woods yet."
"While the EPG will provide a small saving from today’s announced price cap, the proposed increase in costs will still be difficult for many consumers who were relying on the scheme to safeguard their finances from unpredictable market trends. "
"While prices under the cap remain considerably higher than historic norms, the combination of falling wholesale prices and an increase in the EPG could see the return of competitive tariffs, and with it the chance for consumers to take back some control over their energy bills."
The predictions for the Default Tariff Cap in this piece are out of date please click HERE to find our most up to date forecasts. The latest Default Tariff Cap (price cap) predictions from Cornwall Insight have been released. These are calculated from market closing prices on Friday 3 February. Figure 1: Cornwall Insight’s Default...
"Right now, positive gas storage and demand reductions in Europe means the key winter period of concern is looking better. But, whilst today it is “steady as she goes” it is practically inevitable that forecasts will at some point change again as the market wanders about in search of its...
"While pre-pandemic prices may, at least for the next decade, be a pipedream, a continued focus on delivering sustainable, secure, low-carbon energy will hopefully keep power prices on a steady downward trajectory."
"The increased power prices will inevitably filter through to households and businesses, who could now be faced with comparatively high bills for the next decade."
Our first price cap predictions for 2023 were revised downward due to decreasing wholesale prices. Despite the decrease, our Principal Consultant Dr Craig Lowrey warned in a BBC article that even if energy prices remain low, government spending related to the Energy Price Guarantee will likely be passed on to...
"It is clear that blanket measures of bill support are not providing adequate protection for the most vulnerable and more targeted measures including social tariffs may be something for the government to consider."
"This winter we are essentially going to experience continued periods in which we are importing the price effects of the cancellation of Russian gas flows, either as a result of high LNG prices from our own terminals, or via our imports from Europe."
In an interview with the New Statesman, our CEO Gareth Miller discussed potential energy challenges for the upcoming winter, as well as our price cap forecasts, the windfall tax, potential solutions to the energy crisis, and Cornwall Insight’s plans for the future. New Statesman
"While the rebalancing of the energy market since the highs in June has lowered our predictions, power prices up to 2026 are still relatively high. These prices are likely to trickle down into consumer energy bills"
"Extending the EPG, even at an elevated level, has resulted in the government being exposed to variables and factors over which they crucially have no control. The risk is reduced by changing the level of support but remains acute."
The predictions for the Default Tariff Cap in this piece are out of date please click HERE to find our most up to date forecasts. Cornwall Insight are releasing our final forecast for the January 2023 Default Tariff Cap (price cap), due to be announced tomorrow (24 November). We are also releasing...
"The government should use all the levers possible to bring down energy bills across the country, as it is demand as much as supply which will need to be curtailed if we are to stabilise energy costs and secure energy across the UK. "
"The structure of the cap methodology is such that suppliers are implicitly encouraged to purchase the demand requirements of their customer base in advance through hedging on the forward market, meaning that suppliers will typically not have been able to take advantage of the full extent of the declines"
"Only through pulling away from high-cost, volatile gas towards lower-cost renewable generation, supported by battery storage, will all of Ireland be able to secure its electricity supply and protect itself from the high international energy market wholesale prices."
“A move towards low-carbon energy generation such as offshore wind, with its relatively low marginal costs, is the UK’s logical path away from an energy market suffering from supply-led high and unstable prices."
"Constructive attention needs to turn to what a replacement scheme looks like from April to ensure that those who need support receive it, and that whatever options are taken forward can form the foundation stones of an enduring, fair and sustainable market after the current crisis subsides."
Cornwall Insight released our forecast on the costs the government may face by freezing energy prices at £2,500 for all consumers. Our CEO Gareth Miller, spoke on the chance the government was taking by introducing the Energy price Guarantee Guardian
"The urgency of the imminent Default Tariff Cap cliff edge prompted a universal response by government due to its simplicity and speed. With that pressure now lifted, there is oxygen to breathe deeply and look at targeted support again. "
