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Energy bills for the average household could soar by 18 per cent later this year as a result of the US-Iran war, according to a concerning new Ofgem price cap prediction. Cornwall Insight forecasts that costs could increase by £288 a year in July, with the price cap from July to September predicted to be at £1,929 for a typical dual fuel household. Notbaly, this represents a slight drop from its forecast earlier this month, which had seen the cap rising to £1,973 in July. According to Cornwall Insight, this was mainly due to "partial steadying in wholesale markets after a pause in energy infrastructure strikes and signals of a potential ceasefire in the Middle East conflict". Richard Neudegg, the diirector of regulation at Uswitch.com, said: “The odds on household energy costs soaring this summer are shortening. Talk of a predicted 18 per cent rise in the July price cap will be a concern for households, but the real worry is what this means for October’s cap, which dictates how much our heating bills will be at the start of winter. "While the cap will thankfully hold off rocketing bills for the next three months, it cannot protect you from global events beyond that. With eight in 10 households worried about their energy bills rising, households have a real opportunity to protect themselves for the winter by locking in a fixed deal for 12 months or more that gives them certainty on the price they’ll pay, especially over the coldest months. "It’s still too early to tell exactly what the rates will be, but the risk of doing nothing could mean facing a much larger bill for winter." THIS IS A BREAKING NEWS STORY...MORE TO FOLLOW LATEST DEVELOPMENTS Households hit hardest by surging energy bills could be helped by local councils Kemi Badenoch warns Keir Starmer's attitude to energy companies has left Labour short on influence Ed Miliband is misleading the public on North Sea gas - Kwaku Boakye-Adjei Our Standards: The GB News Editorial Charter
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