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By *rFunBoy OP Man
over a year ago
Longridge |
Hopes fade for a significant price cap drop in 2023 and 2024
Cornwall Insight’s Default Tariff Cap predictions for the Summer 2023 and Winter 2023/24 periods have risen by 15% in just two weeks.
The figures, compiled from data as of market close on 12 April, show predictions of £2,284 (£2,040 30/03) and £2,233 (£2,001 30/03) respectively for the two periods, representing a sharp increase in a relatively short space of time.
The forecast for the Winter 2022/23 cap remains largely steady against our view from the end of last month at £2,607 (We now know this will be £2800).
Many were hoping that the significant rise in the Summer 2022 cap and the predicted rise in the Winter 2022/23 cap would be offset by large drops in prices over the coming two years. The wholesale market curve has however started to level out, with energy prices for 2023 increasing once again. Whilst markets are volatile and the outlook can change, as we stand today this means the likelihood of a return to pre-2021 energy prices looks increasingly unlikely.
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