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energy prices
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Press Releases
Cornwall Insight’s final forecast for the October 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The predictions for the Default Tariff Cap in this piece are out of date please click HERE to find our most up to date forecasts. Cornwall Insight has announced its final forecast for the October – December Q4 2023 Default Tariff Cap (price cap) following the closure of the observation window1 on...
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Press Releases
Staggering the shutdown of Eraring Power Station would lower impact on energy costs
New modelling from Cornwall Insight Australia reveals that a staggered retirement of the Eraring power station would reduce the impact on energy prices in New South Wales (NSW) and lower net imports. Unlike previous plant closures, Eraring will retire all four units simultaneously, with a scheduled shutdown of August 2025....
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Press Releases
NSW power prices to surge during peak periods after Liddell power station closure
According to findings by Cornwall Insight Australia, this week’s closure of Liddell Power Station is expected to drive up average power prices during peak periods in New South Wales (NSW). Prices, particularly in the summer1, are expected to be higher compared to the previous three years. As demand peaks during...
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Press Releases
Energy prices to remain significantly above average up to 2030 and beyond
Research from Cornwall Insight looking at Great Britain’s (GB) Power Market out to 2030 has shown energy prices will remain in excess of £100/MWh annually. This is significantly above the five year pre-2021 historic average of £50/MWh in Winter and the even lower prices in pre-2021 Summer. Cornwall Insight’s Benchmark...
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Press Releases
Quick fixes to the energy crisis are not working, we need widescale reform
The focus of policy makers on short-term solutions to rising energy prices is risking the long-term sustainability of the energy sector and leaving the public vulnerable to increasing costs according to Gareth Miller, CEO of Cornwall Insight. Current solutions, including the Default Tariff Cap, only attempt to deal with failings...
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Press Releases
Gap between cheapest energy deals and price cap shrinks to the lowest ever level
Research from Cornwall Insight’s ‘Domestic tariff report’ highlights the level of savings made by a customer switching to a new energy tariff has reduced significantly. In fact, the difference between the ten cheapest tariffs and the current default tariff cap for September 2021 stands at just £11/year, compared to £291/year...
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Press Releases
Energy prices rise for SMEs as wholesale prices rise
In Q321, the average small and medium enterprise (SME) gas contract was priced at the highest values since Cornwall Insight records began in 2012 – reaching 4.98p/th for 1-year acquisition contracts that assume a 25MWh annual consumption. Research from Cornwall Insight’s Pricing in the SME gas and power markets report...
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Media Mentions
The Guardian | Price cap rising
Our research predicting a rise to the summer default tariff, was featured in The Guardian. Talking about the research Craig Lowrey, Senior Consultant at Cornwall insight explained that the recent high wholesale price would feed into the price cap potentially increasing it by 14% to £1,455 a year for a...
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Press Releases
Price cap rising to the highest level with further rises on the horizon
Commenting on today’s Ofgem announcement that the default price cap would increase by £139 to £1,277 for the six months effective from 1 October 2021 for a typical domestic customer, Craig Lowrey, Senior Consultant at Cornwall Insight, said: “Despite serving as a means by which to curtail cost increases, the...
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Media Mentions
The Guardian | Energy bills on the rise
Price cap analysis from Cornwall Insight was showcased in The Guardian. The analysis shows that for the coming winter, the regulator is expected to lift its cap for the average dual-fuel energy bill from £1,138 a year to £1,250 a year. Discussing the reason behind the rise, Craig Lowrey said...
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Media Mentions
Daily Mail | Energy bills forecasted to rise
Our latest price cap prediction was highlighted in the Daily Mail today. The energy price cap is likely to increase by more than £100 with the new level being around £1,250 per year for the winter 2021 cap. Explaining why we are likely to see such a large rise Craig...
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Press Releases
Price cap predicted to rise by over £100/year
The latest forecast from Cornwall Insight indicates that the default tariff price cap will increase by more than £100 for the Winter 2021-22 cap to around £1,250 per year for a typical dual fuel direct debit customer – from its current level of £1,138. Dr. Craig Lowrey, Senior Consultant at...
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Press Releases
The gap between cheapest energy fixed tariff and price cap narrows
Research from Cornwall Insight’s ‘Domestic supplier insight service reveals the gap between the cheapest tariff on the market and the default tariff price cap has reduced to its lowest level since February 2019, standing at £219/year. This is 40% less than at the end of April 2020 when it was...
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Press Releases
Average energy prices decreased by 46% in Q1 2020 compared to 2019, but peaks are up
Research from Cornwall Insight Australia shows that on average energy prices declined significantly in Q120 compared to 2019 – averaging a decrease of ~46% across the NEM. In fact, in Q120 New South Wales (NSW) was the only region where prices were higher (on average) than Q119 (only Victoria (VIC)...
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Press Releases
Higher energy bills likely due to the Saudi oil attacks
Confirmation from the Saudi Arabian energy minister that drone strikes had reduced the country’s oil output by around half is set to resonate across the energy markets, raising the prospect of higher energy bills for customers. Early trading today has seen the price of oil increase from $60.22/bl to $71.95/bl...
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Press Releases
Price cap predicted to fall by at least £80/year
The latest forecasts from Cornwall Insight’s Tariff Cap Predictor – a quarterly report modelling the future default tariff periods – predict the price cap could fall by a significant £83 per year to £1,171 – from its current level of £1,254 – when Ofgem makes its readjustment in August. This...
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Press Releases
Price cap rising today but is predicted to fall in October
Today, Ofgem announced the price cap will increase by £117 to £1,254. Cornwall Insight’s tariff cap predictor (graph below) was forecasting a new cap level of £1,250 back in November 2018 only £4 out. However, with wholesale cost pressure starting to fall Cornwall Insight’s early predictions for winter 2019 show...
