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energy bills
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Press Releases
Cornwall Insight responds to the announcement of the January Price Cap
The predictions for the Default Tariff Cap in this piece are out of date please click HERE to find our most up to date forecasts. Craig Lowrey, Principal Consultant at Cornwall Insight said: “The Energy Price Guarantee (EPG) will shield consumers from the January price cap of £4,279 announced by Ofgem today,...
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Press Releases
Imposing a windfall tax on renewables generators would be disproportionate to profits
The share price data of Oil and Gas companies (O&G), large electricity generators (GenCos), and Listed Renewable Funds, analysed by Cornwall Insight, has shown extending the windfall tax to include renewable generators would be disproportionate and unfair given the difference in profit. Cornwall Insight have also warned the impact of...
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Media Mentions
City AM| Windfall tax on renewable generators
A windfall tax on renewables generators would be disproportionate Matthew Chadwick a Lead Research Analyst at Cornwall Insight told City AM. With renewables having made significantly lower profits and being vulnerable to higher interest rates, a windfall tax could harm the roll out of renewables across the country, damaging net...
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Media Mentions
Current+| Cost of charging EVs
Oliver Archer Lead Analyst at Cornwall Insight was quoted in trade publication Current+ discussing the rising costs of charging EVs on the public network. He explained that although the Energy Bill Relief Scheme has provided charge point operators with some respite, it only applied to the wholesale elements of the...
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Media Mentions
Eastern Daily Press| Norfolk Business Awards
An interview with our CEO Gareth Miller was featured in the EDP after Cornwall Insight won the Outstanding Achievement Award at the Norfolk Business Awards. Gareth spoke about the honour of winning such an award, what makes Cornwall Insight stand out and our plans for the future. EDP
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Press Releases
Cornwall Insight forecasts a fall in the April 2023 Price Cap but prices remain significantly above the Energy Price Guarantee
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’s latest Default Tariff Cap (price cap) forecasts for April – June 2023 (Q223) have dropped by over £600 since the last widely released figures on...
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Press Releases
Increase in renewables sees winter energy prices drop below historic average by 2027
Data from Cornwall Insight Ireland’s third 2022 - ‘All-Island Power Market Outlook to 2030’ - has forecast Ireland is set to reach its 80% renewable target by 2030, with the increased energy security helping to stabilise the market and lower long-term energy prices. The report covering both Northern Ireland and...
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Press Releases
Offshore wind crucial to stabilising the UK energy market
Data from Cornwall Insight included in our third 2022 - GB Power Market Outlook to 2030 - has forecast a drop in prices from late 2023, as gas prices fall from current peaks. Later in the decade, renewables play a key role in the levelling out of prices despite increased...
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Media Mentions
ITV| Energy Price Guarantee
Gareth Miller CEO at Cornwall Insight spoke to ITV on the domestic support the government were putting in place to help households with their bills. He also mentioned the vital support needed from the government to help businesses, which would need to be reviewed rapidly. ITV
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Media Mentions
Guardian| Cost of the Energy Price Guarantee
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
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Press Releases
Energy Price Guarantee could cost the Government between £72bn – £140bn
Modelling from Cornwall Insight has forecast the two-year cost of the Energy Price Guarantee (EPG) to be between £72bn in the lowest case scenario, and £140bn in the extreme high case scenario1. The data included in our new EPG report ‘Counting the Costs’, shows a near doubling of the forecasts...
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Media Mentions
Guardian| Hydrogen could add costs to household bills
Cornwall Insight warned that using hydrogen for domestic heating could be very expensive, with the Guardian reporting on our joint report with renewable energy charity MCS Foundation. Our Senior Consultant Jitendra Patel, spoke on why it is simply uneconomical to use 100% hydrogen for household energy. Guardian
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Press Releases
New report shows fuel bills could rise 90% under Government’s hydrogen plans
Replacing gas with hydrogen for home heating would result in huge energy bill rises for households over the next three decades, a report by energy analysts Cornwall Insight has found. The report, commissioned by MCS Charitable Foundation, projects that hydrogen would cost 70-90% more than gas on average. The authors...
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Media Mentions
Telegraph| Energy Bill Relief Scheme
Our Head of Relationship Development Robert Buckley spoke to the Telegraph on the newly announced energy bill support for businesses. He warned that while the short-term fix was welcome, the government must make longer-term reform of the energy industry a priority. Telegraph
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Press Releases
Cornwall Insight responds to the government energy announcement
Gareth Miller, CEO at Cornwall Insight said: “Cornwall Insight welcomes the government’s objective to address the affordability of energy for both domestic and business consumers in the UK. The policy announcements made today will alleviate some of the hardship consumers have been concerned about for many months. “On the...
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Media Mentions
Current+| Business energy crisis could raise inequality
A paper by Cornwall Insight warned of the inequality that increasing energy costs could cause, with industries typically included in the government's levelling up agenda being the worst hit. Naomi Potter, a Lead Analyst at Cornwall Insight, called for intervention by the government to lower costs and protect small and...
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Press Releases
Business energy crisis could increase inequality in the UK
A new paper from Cornwall Insight on mitigating the impacts of energy price hikes for businesses, has laid out the geographical disparities in the effects of the business energy crisis. Many of the industries set to be hit hardest, including manufacturing and heavy industry (Figure 1), play disproportionately important roles...
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Press Releases
High profits for some renewable generators sees money returned to consumers
Domestic energy customers in Ireland are set to receive €89.10, as renewable energy generators payback money given to them under the renewables support scheme. Under what is known as the Public Service Obligation (PSO) levy, a charge is applied to all electricity consumers to cover the costs of renewable support...
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Media Mentions
Times| Power plant gas subsidies
Our CEO Gareth Miller spoke in the Times on how providing subsidised gas for power stations could reduce energy bills by billions of pounds. With most interventions in the energy market looking at energy retailers, changes which looked at generation had been left out of the discussion, however they have...
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Media Mentions
Independent| Decade of higher energy bills
Senior Modeller Tom Edwards, spoke on our Benchmark Power Curve which forecast power costs to be above pre-2021 levels for the next decade. However the dip in power prices from 2024 up to 2030, shows that markets and governments are investing in renewables as a response to the current higher...
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Press Releases
Investment in renewable pushes power price projections down but they remain above the pre-2021 average for next decade
Cornwall Insight’s latest - GB Power Market Outlook to 2030 – has shown greater investment in renewables by nations across the continent, which has resulted in lower price projections in GB from 2024 up until 2030. This is compared with our first report, published three months ago. Renewable investment has increased largely as...
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Press Releases
Price cap forecasts for January rise to over £4,200 as wholesale prices surge again and Ofgem revises cap methodology
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. New forecasts for the January Default Tariff Cap (price cap) from Cornwall Insight have risen by over £6501, meaning a typical household is now predicted to pay...
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Press Releases
Businesses could see energy bills increase fivefold in October
Businesses in the UK will see their energy bills rocket when new contracts are negotiated in October1 according to data from Cornwall Insight. Some will face bills five times their current price, as concerns over Russian gas supply, tight electricity markets in Europe, and a global disruption to Liquified Natural...
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Press Releases
Price cap to remain significantly above £3,000 a year until at least 2024
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. New forecasts for the Default Tariff Cap (price cap) from Cornwall Insight have shown a typical household’s energy bill will be well over £3,000 a year for...
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Media Mentions
Radio 4 Today Programme | Business energy prices
Robert Buckley, our Head of Relationship Development, spoke on the concerns facing business energy prices, which he said could be five, six or seven times more than current contracts when they were renewed in October. The importance of considering energy efficiency measures was emphasised. Daily Mail - Quotes from Radio...
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Press Releases
Cornwall Insight responds to the BEIS Committee report on Energy Pricing and the future of the Energy Market
A report from the Business, Energy and Industrial Strategy Committee (BEIS) on Energy pricing and the future of the energy market, published today (26 July), has laid out a number of recommendations on how Ofgem and the government could lower consumer energy bills and reduce instability in the energy market....