It is expected to rise to £ 2,980.63 for the next period, which will last between October and December, following another rise in wholesale demand prices last week. It is now £ 1,971, the highest since the ceiling was introduced, surpassing the previous high of 54%. Previous estimates put the fall price cap at 8 2,800. Research firm Cornwall Insight said it could then rise to 00 3,003 for the January-March period, based on the latest data. Energy prices soared in recent months after high demand as economies reopened after lockdowns during the Covid-19 pandemic. Russia’s invasion of Ukraine in late February added to the problems as countries stopped buying gas from the country amid concerns it would help fund its war effort. Subscribe to the First Edition, our free daily newsletter – every morning at 7 p.m. BST The government has introduced a multi-billion pound support package, which includes a 400 400 deduction for every household in the country and a 150 150 deduction from city council tax bills. Vulnerable people are entitled to further financial assistance. The crisis has reduced the number of energy suppliers in the market to just over 20. More than 30 companies have collapsed since January 2021, including Bulb Energy, Together Energy and Avro Energy, affecting 4.5 million customers. No supplier is able to offer a price above the ceiling level and competition between companies is almost non-existent. Energy regulator Ofgem announced last week that it would introduce new measures to stop companies from collapsing and protect customers’ money. Prices were up 1.0 1,042 £ in the summer of 2020, the cheapest energy since the policy took effect in 2019. It was 27 1,277 £ before rising almost 700 700 in April. Cornwall Insight has forecast prices to peak in January, before falling to 75 2,758 in April and 2. 2,866 in July – levels even higher than what customers are paying now.
