image sourced from original article at Household energy bills are forecast to rise by £332 a year from July, reaching £1,973 annually for a typical dual fuel household, according to analysts at Cornwall Insight. The projected 20 percent increase reflects a surge in wholesale gas and oil prices.
The rise follows recent escalation of conflict in the Middle East, which has driven sharp increases in global energy markets. Analysts said summer bills are now expected to be higher than previously anticipated before the conflict intensified.
Even if wholesale prices fall back to earlier levels, some of the recent volatility will still be factored into the next price cap period covering July to September. The final amount will depend on how long elevated gas prices and market disruption continue.
