The latest estimation for the next quarterly price cap in January 2023 is for it to rise to £2,800 in October 2022. It is not yet informed of its predictions for how the quarterly energy price cap could change in 2023. However, based on the current cap that is updated in April and October, the analyst expects it to fall to £2,292 in April (covering the summer) and then drop again to £2,283 in October (covering the winter).
The estimated prices for next year are higher than the current April 2022 price cap, which is pushing up energy costs to eye-watering levels for millions of customers. They are also far higher than the very first energy price cap, brought in by Ofgem in January 2019, which was just £1,104.
We don’t know exactly how wholesale energy prices will change in future. The forecasts for 2023 will almost undoubtedly change, particularly for the October 2023 cap given it is almost 18 months ahead. Ofgem will also likely unveil more information this autumn about the policy changes, that could impact future price caps, which we will keep our customers updated on.