Energy experts have now predicted that typical annual energy bills will be around £2,400 next year (2023-2024), down from previous the forecast of £3,000.

A new report by the independent think tank Resolution Foundation suggests households will face a 20% in their energy bills in April, as government support will be reduced and the Energy Price Guarantee (EPG) will be raised to £3,000 (from £2,500).

Analysts expect that the public finances will benefit from lower wholesale energy prices – based on current futures prices, the cost of the EPG in 2023-24 is estimated to be around 90% below the Office for Budget Responsibility’s costing made in November (£1.5 billion compared with £12.8 billion).

The report also stresses that lower energy prices will also mean lower receipts from windfall taxes – revenues are forecast to be as much as £7 billion lower.

Article source: https://www.energylivenews.com/2023/02/07/bills-to-be-600-lower-than-previously-feared/