Higher energy bills forecast for UK households next year

Electricity market prices predicted to rise in 2024 and stay well above pre-energy crisis levels for rest of decade

UK households could face higher energy bills next year after a leading forecaster said electricity market prices will rise in 2024 – and remain well above pre-energy crisis levels for the rest of the decade.

Analysts at Cornwall Insight predicted that Britain’s wholesale power prices will rise from an average of £96.64 per megawatt-hour so far this year to £129/MWh next year, due to higher gas prices triggered by the war in Ukraine.