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Price Cap
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Media Mentions
Current+| Energy Bill announcement
The Queen’s Speech included a much-anticipated announcement that an Energy Bill will be introduced at some point over the next parliamentary session. CEO Gareth Miller spoke in Current+ on the extension of the Price Cap included in Bill The original legislation for the cap saw it time limited and with...
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Press Releases
Hopes fade for a significant price cap drop in 2023 and 2024
Cornwall Insight’s Default Tariff Cap predictions for the Summer 2023 and Winter 2023/24 periods have risen by 15% in just two weeks. The figures, compiled from data as of market close on 12 April, show predictions of £2,284 (£2,040 30/03) and £2,233 (£2,001 30/03) respectively for the two periods, representing...
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Press Releases
Cornwall Insight releases latest Winter price cap predictions as Summer 2022 cap introduced
Today our experts at Cornwall Insight are releasing their latest predictions for the average household’s Winter 2022/23 Default Tariff Cap, as the Summer 2022 54% rise comes into force. The winter figures show a predicted increase of over £600 from today’s rise, and would mean that energy prices would have...
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Press Releases
Cornwall Insight’s response to the Spring Statement
Robert Buckley, Head of Relationship Development at Cornwall Insight said: “The Spring Statement came against the backdrop of the tragic events in the Ukraine, which on top of causing untold human suffering, has left European energy markets and subsequently UK households exposed to significantly volatile pricing. “While the government reinforced...
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Press Releases
Winter price cap predicted to rise by over £500
Prior to the Spring Statement, we at Cornwall Insight are releasing our latest predictions for the Winter 2022-23 and Summer 2023 default tariff caps. The figures, calculated on 18 March, show a significant drop from earlier in the month, with the Winter cap now predicted to be £2,512, a fall...
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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
Jump in energy prices leaves price cap predictions at over £2,900 a year
Today’s significant rise in the price of wholesale gas has once again sent predictions for the Winter Default Tariff Cap rocketing upwards, with Cornwall Insight now predicting the cap will rise in October to over £2,900 a year for an average user. The price cap has been extremely volatile over...
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Media Mentions
iNews| Price cap forecasts
On the eve of the default tariff cap price announcement Senior Consultant Dr Craig Lowrey spoke to iNews on our forecasts for the summer and winter rises. He explained why the high price of wholesale gas and electricity was likely to trigger a significant rise in the cap and how...
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Press Releases
Volatile energy prices set to continue into 2030
Research from Cornwall Insight has shown that conditions could be in place for volatile wholesale energy prices to continue into 2030 and beyond, unless the UK develops a long-term strategy to cope with changes in energy production and unstable economic, geopolitical, and ecological systems. Cornwall Insight’s Benchmark Power Curve, which...
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Press Releases
Energy price cap now level with the cheapest deals on the market
Research from Cornwall Insight has shown there is only a £2/year difference between the top ten cheapest energy deals on the market and the Default Tariff Cap. The gap which is significantly smaller than the £171/year seen in December 2020, stayed stagnant between October and December 2021, further confirming predictions...
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Media Mentions
The Guardian | Default tariff cap predicted to rise
With the default tariff cap predicted to rise in April, Cornwall Insight’s CEO Gareth Miller spoke to the Guardian on why the energy market needs long-term reform. He explained that rather than quick fixes to counter the record energy market highs which threaten the livelihoods of households and businesses,...
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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 price cap predicted to rise to £1,660
As a result of wholesale gas and electricity prices continuing to reach new records, Cornwall Insight’s modelling for the Summer 2022 default tariff price cap has risen once again, with its indicative forecast climbing to approximately £1,660. Despite a long way to go and a lot of uncertainty to resolve...
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Press Releases
Summer 2022 price cap predicted to rise to £1,455
Despite the Winter 2021-22 default tariff price cap being a new record at £1,277, the latest forecast from Cornwall Insight modelling indicates that the Summer 2022 cap will see a further increase of approximately 14% increase against the Winter 2021-22 cap – taking the Summer 2022 cap to £1,455 per...
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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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Media Mentions
Daily Mail | Fire at interconnector site
In the Daily Mail, Joe Camish, Senior Analyst at Cornwall Insight, discussed what a fire at an interconnector site in Kent means to consumers energy bills. Explaining what this means, Joe said that the price cap level could rise by 10 per cent when it is next updated in April...
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Media Mentions
Financial Times | wholesale prices hit all time high
Day-ahead power prices hit their highest level on Cornwall Insight records. Discussing this in the Financial Times, Joe Camish, Senior Analyst at Cornwall Insight, said that these highs were due to a combination of factors, including a global shortage for gas. He explained that if prices continue, the effect will...
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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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Media Mentions
Bloomberg | Price cap on the rise
Our thoughts on the rise to the default tariff price cap were quoted by Bloomberg Quint. Ofgem increased its price cap to a record level. The new level of 1,277 pounds comes in to effect in October and will run through March for customers on standard variable tariffs. Craig Lowrey...
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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
Daily Express | Default tariff cap rising
Our predictions on the default tariff price cap rising when Ofgem next looks at it was featured in the Daily Express. Rising wholesale energy and commodity prices are set to increase the cap by at least another £100. Commenting on the prediction Craig Lowrey Senior Consultant at Cornwall Insight said...
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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
Cornwall Insight comments on Ofgem’s price cap announcement
Commenting on Ofgem’s announcement of the default price cap falling by 7% to £1,042 per year for the six months effective from 1 October 2020, Robert Buckley, Head of Relationship Development at Cornwall Insight, said: “This is a dramatic reduction and sees the price cap fall to its lowest level...
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Media Mentions
The Guardian | Energy bills cut
Robert Buckley commented the Ofgem's default tariff cap reduction has lowered after wholesale energy market prices tumbled during the coronavirus pandemic. He explained the difference between the costliest deals on the market and the cheapest stood at £562 at the end of last month, meaning a “notable gap will remain”,...
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Media Mentions
The Guardian | Energy bill savings
Our predictions showing approximately a £100 fall in the price cap for this winter was featured in The Guardian today. This is following a record low energy market prices during the COVID-19 lockdown, according to analysts. We are expecting to see a significant decrease to the default price cap in...
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Press Releases
Price cap declines but is expected to fall further still
Commenting on today’s Ofgem announcement that the default price cap would decrease by £17 to £1,162 for the six months effective from 1 April 2020, Robert Buckley Head of Retail and Relationship Development at Cornwall Insight, said: “Due to the mild winter the UK has experienced, it will have come...
