Money Wellness
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category iconcost of living
calendar icon30 Jun 2023

Energy bills ‘to fall by nearly another £100 in October’

The average annual energy bill will fall by £96 in October, experts have predicted.

Analysts at Cornwall Insight released their latest forecast ahead of tomorrow’s (1 July) drop in Ofgem’s energy price cap. The change in the price cap will see the average household’s annual energy costs fall by £426 to £2,074.

If the prediction from Cornwall Insight is correct, bills will then dip below £2,000 to £1,978 from October.

This means our winter fuel bills should be lower than last year’s when the average amount paid was capped at £2,500 under the government’s energy price guarantee. We won’t be getting the £400 in government support this time round though, so the impact won’t be huge.

Find out what you need to do to make sure you don’t end up paying more than you should when energy prices drop tomorrow.

You can also read about some of the other changes coming up this summer that might affect your finances.

Avatar of Rebecca Routledge

Rebecca Routledge

A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.

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