Cornwall Insight energy price cap predictions: comment
July's price cap could see a rise of over £300.
By Jess Ralston
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Commenting on Cornwall Insight's latest prediction for Ofgem's July price cap, which could see a rise of over £300 from April's cap [1] Jess Ralston, Head of Energy at the Energy and Climate Intelligence Unit (ECIU) said:
"Predictions of energy bills rising by hundreds of pounds will feel like deja vu to hard working families as yet another gas price crisis pushes up the cost of living. Many are still saddled with debt from the last gas crisis while Putin and the oil and gas companies stand to benefit.
"These wars and the global gas market are clearly beyond the UK’s control so the only way we have to permanently stabilise bills is to cut our use of gas and that means switching to electric heat pumps and renewables that squeeze gas power plants off the grid. The North Sea is in long term decline and more drilling won't move the needle on prices we pay. [2] Last year more renewables coming onto the grid pushed down the wholesale electricity prices by a third." [3]
Notes to editors:
1. Cornwall Insight: https://www.cornwall-insight.com/predictions-and-insights-into-the-default-tariff-cap/
2. New ECIU analysis of official UK oil and gas statistics and projections suggest that 93% of the oil and gas that is likely to be produced from the North Sea has already been extracted: https://eciu.net/media/press-releases/around-90-of-uk-north-sea-oil-and-gas-already-drained-dry-analysis
3: ECIU: https://eciu.net/media/press-releases/wind-farms-cut-power-prices-by-almost-a-third-in-2025
For more information or for interview requests:
George Smeeton, Head of Communications, ECIU, t: 020 8156 5305, m: 07894 571 153, email: george.smeeton@eciu.net