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UK domestic energy prices to remain shockingly high into 2024

British domestic energy prices are expected to rise by as much as 70% in the coming months, and may not come down until 2024 or later, analysts have predicted.

According to Cornwall Insights, the cap on Britain’s most common household energy contract is projected to rise by up to 70% in October, causing annual household gas and electricity bills to rise to around £3,359 (€4,013.69).

This figure is projected to rise again in January to as much as £3,616 (€4,322) annually, and is expected to not fall below £3,000 a year until 2024 or later.

“Our new figures show that even increasing support for October will not make much of a dent in what is likely to be a sustained period of high energy bills,” said Cornwall Insight’s principal consultant Craig Lowrey, as reported by Reuters.

While these figures reflect predictions for Britain, Ireland is also seeing significant price hikes, with 1.2 million households impacted by a price hike by Electric Ireland this past Monday.

This saw an increase of €13.71 per month on the average electricity bill and an increase of €25.96 on the average gas bill.

As part of the Climate Action Plan the government intends to replace all oil and solid-fuel boilers in 500,000 buildings across Ireland with heat pumps which are powered by energy from “green” sources like renewables.

However, a new research paper from the ESRI has found that this would increase Irish electricity costs by as much as 46%.

 

 

 

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