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Wholesale prices
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Press Releases
Cornwall Insight’s response to the announcement of the October price cap
Ofgem has today announced the October Default Tariff Cap (price cap) at £1,923 a year for a typical dual fuel consumer1 for the final three months of 2023. This is based on the regulator’s current definition of an average household's gas and electricity use2, and shows a 7% decline from...
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Media Mentions
This is Money/Daily Mail| Energy prices
Wholesale energy prices are falling, however the July price cap level shows bills still remaining above historic averages, Head of Relationship Development Robert Buckley spoke to This is Money on why bills are not reducing faster. This is Money/Daily Mail
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Media Mentions
Radio 4 Today| Price Cap
Our Senior Consultant Kate Mulvany was interviewed following Ofgem's announcement of the July price cap. Kate delved into the reasons behind the reduction in the price cap, shed light on the anticipated trajectory of customers' bills in the coming months, and explored the factors that could potentially influence energy prices....
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Media Mentions
Reuters| Price Cap
Our Principal Consultant, Craig Lowrey, was featured in Reuters, emphasising the need for cautious optimism regarding the energy crisis. While bills were projected to decrease, Craig cautioned that they would likely remain higher than pre-pandemic averages for the foreseeable future. Reuters
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Press Releases
Increase in Irish exports raises long-term power price projections
Cornwall Insight has raised its long-term predictions for power prices in Ireland as a projected rise in interconnector exports and reduced imports pushes up demand and costs. Ireland’s first 2023 - ‘All-Island Power Market Outlook to 2030’ – which looks at data modelled in the first quarter of the year,...
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Press Releases
Cornwall Insight release price cap predictions for July and October 2023
The predictions for the Default Tariff Cap in this piece are out of date please click HERE to find our most up to date forecasts. Prior to the introduction of the April-June 2023 Default Tariff Cap (price cap), Cornwall Insight are releasing our latest predictions for the third and fourth quarters of...
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Press Releases
Integrated energy solutions could cut cost of UK wholesale market by 25%
Modelling from Cornwall Insight has shown that in 2035 widespread use of integrated energy solutions could save the UK's wholesale energy market £13bn per year, representing a 25% cost reduction. The data is included in the independent research paper ‘Integrate to Zero’ prepared by Cornwall Insight and commissioned by the...
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Press Releases
Cornwall Insight release final forecast for the April 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 released the final prediction for the April Default Tariff Cap (price cap) following the closure of the observation window1, on 17 February. We are...
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Press Releases
Millions of households could switch their energy supplier in second half of 2023
The number of households switching their energy supplier could rise from July 2023, as falling energy wholesale prices coupled with reduced government support look set to provide suppliers with the chance to offer millions of domestic customers more competitive deals. Since the start of winter, the default tariff cap, or...
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Media Mentions
Radio 4 ‘The Briefing Room’| Why are fuel and energy prices dropping?
Kate Mulvany, Senior Consultant at Cornwall Insight, discussed the unexpected benefits of the recent winter for the energy market and the factors contributing to the decrease in wholesale prices with David Aaronovitch and Javier Blas. BBC Radio 4's 'The Briefing Room' - Listen at 06.05
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Press Releases
Winter 2023-24 price cap forecasts fall further below 2022-23 EPG, but long-term prospects remain uncertain
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 forecasts for the Default Tariff Cap (price cap) released by Cornwall Insight, have shown energy bill predictions for a typical household1 have fallen to £3,208...
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Press Releases
Drop in power price predictions up to 2030 but prices to remain above pre-pandemic levels for next decade
New data from Cornwall Insight has shown a drop in our predictions for power prices up to 2030 as Europe secures alternative energy supplies to compensate for reduced gas flows from Russia. The data included in our fourth 2022 – GB Power Market Outlook to 2030 – has shown price...
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Media Mentions
BBC News Online| Falling wholesale market lowers price cap forecasts
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...
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Press Releases
Drop in wholesale energy prices sees price cap predictions fall below the Energy Price Guarantee for second half of 2023
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 forecasts for the Default Tariff Cap (price cap) released by Cornwall Insight, have shown energy bills for a typical household are predicted to be below...
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Media Mentions
Daily Mail| Long-term wholesale prices high
New modelling from Cornwall Insight included in our report – ‘Another winter of discontent?’ - was covered in the Daily Mail. Matthew Chadwick spoke on why the heavy reliance on foreign imports in the UK makes the country vulnerable to global rises. Daily Mail
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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
Cornwall Insight release final Default Tariff Cap and EPG cost predictions prior to Ofgem announcement tomorrow
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...
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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
Government business energy scheme will cost up to £25bn
Robert Buckley, Head of Relationship Development at Cornwall Insight said: "The new government scheme will bring significant relief to many businesses and public sector organisations as they try to navigate the unprecedented energy rises. Economically it was important that government took action. "The reduction in energy costs will be substantial....
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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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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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Press Releases
On-site energy generation could wield significant savings for companies
Research from Cornwall Insight, included in their report - ‘A corporates guide to decarbonising power’ - has demonstrated how on-site energy generation could help cut corporation energy bills and their carbon footprint. By moving the generation of energy to their site, or through engaging in a private wire arrangement -...
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Press Releases
Default Tariff Cap forecast climbs further as Ofgem announcement looms
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 from Cornwall Insight have seen the Default Tariff Cap for Q1 2023 (Jan-Mar) rise to £3,363 a year for an average domestic consumer, increasing significantly...
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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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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
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...
