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gas prices
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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
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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Press Releases
Cornwall Insight comments on its January Default Tariff Cap forecast rising to £3,000 for a typical user
Data reported on Monday evening (20/06) from Cornwall Insight forecast that the Default Tariff Cap for Q1 2023 (Jan-Mar) will rise to £3,003 per year for a typical user, with the last quarter of 2022 Q4 (Oct-Dec) predicted to be £2,980. The rise means an average household will pay just...
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Media Mentions
The Times| High energy prices here for the next decade
Cornwall Insight's research on Great Britain’s 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 average. Senior Modeller Tom Edwards spoke in the Times on what this may mean for consumers. High power prices will...
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Media Mentions
The Guardian| Energy bills forecast to remain above £2,000
With bills already forecast to rise significantly in Winter 2022/23, Cornwall Insight released new data showing that prices looked likely to stay above £2,000 for the Summer 2023 and Winter 2023/24 price cap periods. Principle Consultant Dr Craig Lowrey spoke in the Guardian on how the government could support consumers...
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Media Mentions
Energy Live News | Third party charges contributing to increasing energy bills
Much has been spoken about the impact of wholesale prices on increasing energy bills, however third party charges, including money to compensate for supplier failures, are also contributing to the rise. Senior Analyst Laura Woolsey spoke in Energy Live News on the charges which are leaving domestic consumers paying even...
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Media Mentions
Sky News | The energy strategy will involve difficult decisions
Our Head of Relationship Development Robert Buckley explained why the changes announced in the energy strategy will take a long time and involve some difficult decisions, especially if the UK wants to reach it's target of net zero by 2050. We have an analyst team at Cornwall Insight and it...
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Media Mentions
iNews| UK businesses face 250% gas bill increase
Cornwall Insight data has shown UK businesses may see gas bills rise by 250%, putting many in danger of going under. Craig Lowrey our Principle Consultant spoke to iNews on how the government can help struggling companies with their energy bills. High Prices and volatility do not appear to be...
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Media Mentions
Current+| Wholesale volatility limits EV time of use tariff uptake
The take up of EV's is happening faster than many are switching to time of use tariffs, doubling some drivers electricity bills. Lead Analyst Oliver Archer spoke in Current+ on the blocks to EV drivers switching tariffs and the limits this may put on EV take up. The wave of...
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Press Releases
We must focus on cutting energy bills now, if we want support for net zero in the future
Before conflict erupted in the Ukraine, it was clear that a long-term restructuring of our energy markets to deliver net zero sustainably, with security was essential. We now see a focus on accelerating plans, as the current crisis imposes greater urgency. But results of strategies aiming at outcomes over periods...
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Press Releases
Cornwall Insight comments on the impact of sanctions against Russia on the energy market
Dr Craig Lowrey, Senior Consultant at Cornwall Insight said: “The reliance of Europe on Russian gas will mean any economic sanctions which affect supply levels are likely to have an immediate and potentially longer-term impact on gas prices. “While the UK is not dependent on gas from Russia, and should...
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Press Releases
Cost of grid supplied electricity making decarbonisation of heat generation unviable says joint report
Cornwall Insight and the Confederation for Paper Industries (CPI) have today released a joint report examining the barriers energy intensive industries are facing in their attempts to decarbonise their heat supply. The report, while focusing on paper industries, reflects the experience many energy intensive industries are facing as they look...
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Media Mentions
BBC News | high gas prices
Robert Buckley, Head of Relationship and Development, disscussed high wholesale gas prices and how it will affect customers on the BBC. Robert explained that prices for power that is needed immediately are at all-time highs - 10 times the costs of last summer. He said that consumers would see these...
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Press Releases
Wholesale power prices expected to remain high for the winter season
The latest Cornwall Insight forecasts suggest winter wholesale power prices are to remain at their high levels, with the potential for price spikes in periods of high demand and low wind, as margins look tight for the winter ahead. The key driver of power prices will likely be gas prices...
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Press Releases
COVID-19 impacts: gas and power prices over the summer months
As Great Britain (GB) is starting to move through the peak of the COVID-19 pandemic, there have been some indications that the energy market could be passing its trough. Tim Dixon, Wholesale Team Lead at Cornwall Insight, looks into how GB gas & power prices may shape up over the...
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Press Releases
Oil prices crash causes GB gas and power prices to go into freefall
Following the impacts of Covid-19 on global demand and oil price disputes between Russia and Saudi Arabia, Brent crude oil prices fell to a 17-year low of below $26/bl on 18 March 2020. The recent crash saw prices record the most significant daily loss since the end of the Gulf...
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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...
