Wholesale prices

  • 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    The predictions for the Default Tariff Cap in this piece are out of date please click HERE to find our most up to date forecasts.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...

  • 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...

  • 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...

  • 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...

  • 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...

  • 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...

  • 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...

  • 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...

  • 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...

  • 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...

  • 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...

  • 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...

  • 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...

  • 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...

  • Media Mentions

    The Guardian | Wholesale prices rise again

    With wholesale prices rising yet again Anna Moss, Head of Consumer Markets explained what this would mean to suppliers already struggling. Explaining the current state of the supply market, Anna said the very high wholesale prices have caused significant distress even before winter begins. How suppliers fare is in the...

  • 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...

  • 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...

  • Media Mentions

    The Daily Telegraph – Energy crisis intensifies

    Tim Dixon spoke to The Daily Telegraph about the mounting energy crisis seen in Great Britain. Explaining why we are seeing high wholesale prices Tim said gas storage levels across Europe are well below levels we would expect them to be heading into a winter season There is still uncertainty...

  • 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...

  • 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...

  • 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...

  • 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...

  • Media Mentions

    The Daily Telegraph | High prices see coal plants on system

    Joe Camish, Senior Analyst at Cornwall Insight, commented about the high wholesale energy prices in the market as power prices surged to more than four times their average level. Regarding the future of wholesale prices, Joe said that GB would have to rely on older thermal assets to help ease...

  • 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...

  • Press Releases

    Incidents of price cannibalisation of renewable assets on the rise

    Research from Cornwall Insight Australia shows that the growth of variable renewable energy (VRE) generation significantly impacts their captured price. In fact, in FY18, 98% of the grid-scale solar generation volumes captured prices above $50/MWh. However, this has reduced to 12% in FY21. On top of this, wind and solar...

  • Media Mentions

    Energy News Live | Energy prices for SME rise

    Our research showing prices rising for Small and medium enterprises (SMEs) was featured in Energy News Live. Electricity prices for SMEs reached record highs in the second quarter of the year. Discussing the reasoning behind the significant price rise Molly Lloyd Senior analyst at Cornwall Insight explained the rise in...

  • Press Releases

    SME power prices reach record highs

    Small and Medium Enterprises (SME) power prices have continued to rise in Q221, reaching the highest level since our records began in Q212, according to the latest research from Cornwall Insight’s Pricing in the SME power market report. Over the past quarter, prices have increased by 5.82% to average at...

  • Press Releases

    High wholesale prices and negative pricing events forecasted to grow

    Research from Cornwall Insight’s Benchmark Power Curve, which forecasts the power market to 2045 under different net zero scenarios, highlights volatility in the wholesale power market is set to increase. Its central case scenario predicts that the standard deviation of hourly wholesale prices could reach £41.8/MWh by 2030. In the...

  • Press Releases

    Cornwall Insight PPA Market share survey | Increased interest and competition boost market

    The Power Purchase Agreement (PPA) market for renewable assets continues to be highly competitive, according to the latest survey results from Cornwall Insight’s PPA insight service. In fact, the PPA market for renewable generation assets has seen a significant rise in the £/MWh value achieved by generators, particularly in the...

  • 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...