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class="elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-1a0cd23 decorate-links" data-id="1a0cd23" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-c2a638b elementor-widget elementor-widget-jet-listing-dynamic-field" data-id="c2a638b" data-element_type="widget" data-widget_type="jet-listing-dynamic-field.default"> <div class="elementor-widget-container"> <div class="jet-listing jet-listing-dynamic-field display-inline"><div class="jet-listing-dynamic-field__inline-wrap"><div class="jet-listing-dynamic-field__content">November 18, 2024</div></div></div> </div> </div> <div class="elementor-element elementor-element-0e8ab7a elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading" data-id="0e8ab7a" data-element_type="widget" data-widget_type="theme-post-title.default"> <div class="elementor-widget-container"> <style>/*! elementor - v3.23.0 - 15-07-2024 */ .elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}</style><h1 class="elementor-heading-title elementor-size-default">Cornwall Insight predicts 1% price cap increase for January</h1> </div> </div> <div class="elementor-element elementor-element-182e3b1 jedv-enabled--yes elementor-widget elementor-widget-jet-listing-dynamic-meta" data-id="182e3b1" data-element_type="widget" data-widget_type="jet-listing-dynamic-meta.default"> <div class="elementor-widget-container"> <div class="jet-listing jet-listing-dynamic-meta meta-layout-inline"><div class="jet-listing-dynamic-meta__author jet-listing-dynamic-meta__item"><span class="jet-listing-dynamic-meta__prefix">By </span><a href="https://www.current-news.co.uk/author/molly-green/" class="jet-listing-dynamic-meta__item-val">Molly Green</a></div></div> </div> </div> <div class="elementor-element elementor-element-d96e0f8 elementor-widget elementor-widget-theme-post-featured-image elementor-widget-image" data-id="d96e0f8" data-element_type="widget" data-widget_type="theme-post-featured-image.default"> <div class="elementor-widget-container"> <figure class="wp-caption"> <img fetchpriority="high" width="800" height="420" src="https://www.current-news.co.uk/wp-content/uploads/2024/11/fire-1959842_1920-1024x537.jpg" class="attachment-large size-large wp-image-32528" alt="" srcset="https://www.current-news.co.uk/wp-content/uploads/2024/11/fire-1959842_1920-1024x537.jpg 1024w, https://www.current-news.co.uk/wp-content/uploads/2024/11/fire-1959842_1920-300x157.jpg 300w, https://www.current-news.co.uk/wp-content/uploads/2024/11/fire-1959842_1920-768x403.jpg 768w, https://www.current-news.co.uk/wp-content/uploads/2024/11/fire-1959842_1920.jpg 1280w" sizes="(max-width: 800px) 100vw, 800px" /> <figcaption class="widget-image-caption wp-caption-text">Pricing is set to remain high for the rest of the winter period, reflecting a volatile wholesale market. Image: Image: Vasudevan Kumar (pixabay).</figcaption> </figure> </div> </div> <div class="elementor-element elementor-element-53ebc86 elementor-widget elementor-widget-theme-post-content" data-id="53ebc86" data-element_type="widget" data-widget_type="theme-post-content.default"> <div class="elementor-widget-container"> <p>Energy consultancy Cornwall Insight has released its forecast for January – March Q1 2025 default tariff cap (price cap), setting it at £1,736 per annum.</p> <p>Cornwall Insight’s observation window closed on 15 November, leading it to project the 1% increase on the current price cap of £1,717. Ofgem will announce the official price cap on 22 November.</p> <p>Pricing is set to remain high for the rest of the winter period, reflecting a volatile wholesale market, although prices have stabilised compared to the previous two years. Although Cornwall Insight does see the price cap falling in April 2025 and again in October 2025, it emphasised the importance of the government stepping in to protect those most vulnerable to higher costs.</p> <p>This could come in the form of reform to the price cap mechanism, as Ofgem is currently undergoing a review that could see changes to elements such as the standing charge. The energy regulator<a href="https://www.current-news.co.uk/energy-market-evolution-sparks-ofgem-consultation-into-price-cap/" target="_blank" rel="noreferrer noopener"> launched a consultation on 25 March</a> on developing the price cap so customers remain protected as the energy market evolves to a smarter, more flexible system.</p> <p>As the government is beginning to acknowledge, the transition to clean energy generated in the UK promises to bring down energy bills in the long term. The Energy Crisis Commission (ECC) recently published a report showing that <a href="https://www.current-news.co.uk/not-just-timely-but-essential-building-resilience-against-a-future-energy-crisis/" target="_blank" rel="noreferrer noopener">the UK was worst hit in Europe during the energy crisis</a> that began in August 2021, because the nation was particularly exposed to supply disruptions and price spikes on international markets.</p> <p>Dr Craig Lowrey, principal consultant at Cornwall Insight, said the rise is “as expected” and that “supply concerns have kept the market as volatile as earlier in the year”.</p> <p>He continued: “With it being widely accepted that high prices are here to stay, we need to see action. Options like social tariffs, adjustments to price caps, benefit restructuring, or other targeted support for vulnerable households must be seriously considered.</p> <p>“Long-term, our transition away from the volatile global wholesale market toward sustainable, home-produced renewables can help to secure our energy future. Although the transition does require upfront investment, it promises lower bills down the line. The government needs to keep momentum on the transition while acknowledging that immediate support is essential for those struggling now. Inaction is a choice to leave people in the cold.”</p> <p>The <a href="https://www.current-news.co.uk/autumn-budget-2024-green-hydrogen-gb-energy-and-ev-incentives/" target="_blank" rel="noreferrer noopener">government’s Autumn budget</a> saw the Warm Homes Plan formally been allocated £3.4 billion over the next three years to support heat decarbonisation and household energy efficiency. This includes a major funding uptick for the Boiler Upgrade Scheme, as well as a boost to the heat pump manufacturing sector.</p> <p> Predicting the same rise as Cornwall Insight, energy retailer EDF launched a <a href="https://www.current-news.co.uk/edf-predicts-january-price-cap-rise-launches-tariff/" target="_blank" rel="noreferrer noopener">12-month fixed-rate energy tariff</a>, which it claims is the cheapest available among the UK’s major energy suppliers. However, EDF notes the deal could be removed at any time due to volatility in global wholesale prices. </p> </div> </div> <div class="elementor-element elementor-element-f7e31f1 elementor-widget-divider--view-line_text jedv-enabled--yes elementor-widget-divider--element-align-center elementor-widget elementor-widget-divider" data-id="f7e31f1" data-element_type="widget" data-widget_type="divider.default"> <div class="elementor-widget-container"> <div class="elementor-divider"> <span class="elementor-divider-separator"> <span class="elementor-divider__text elementor-divider__element"> Tags </span> </span> </div> </div> </div> <div class="elementor-element elementor-element-534e35e elementor-widget elementor-widget-jet-listing-dynamic-terms" data-id="534e35e" data-element_type="widget" data-widget_type="jet-listing-dynamic-terms.default"> <div class="elementor-widget-container"> <div class="jet-listing jet-listing-dynamic-terms"><i class="jet-listing-dynamic-terms__icon fas fa-hashtag" 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elementor-element elementor-element-9fd6505 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="9fd6505" data-element_type="section" data-settings="{"jet_parallax_layout_list":[]}"> <div class="elementor-container elementor-column-gap-no"> <div class="elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-66b0572" data-id="66b0572" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-bee66dc elementor-widget elementor-widget-jet-listing-dynamic-image" data-id="bee66dc" data-element_type="widget" data-widget_type="jet-listing-dynamic-image.default"> <div class="elementor-widget-container"> <div class="jet-listing jet-listing-dynamic-image"><a href="https://www.current-news.co.uk/sp-energy-networks-announces-partners-for-5-4-billion-supply-chain-contract/" class="jet-listing-dynamic-image__link"><img width="500" 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