Britain's Energy Bill Crisis: A Perfect Storm Brewing for Winter A new forecast from Cornwall Insight predicts that energy bills will increase by £209 in July, with the typical dual fuel household facing an annual cap of £1,850 – a 13% hike on April's prices.
The rise is attributed to volatile wholesale markets driven by the ongoing Middle East conflict, which has disrupted global supply chains and sent oil and gas prices soaring.
The closure of the Strait of Hormuz has had far reaching consequences for energy costs, with Cornwall Insight's principal consultant Craig Lowrey noting that just a few months ago, their forecasts showed virtually no increase in quarter on quarter bills.