Steep rise in price cap forecast

The price cap for domestic energy bills is expected to rise by 16% in January compared to October, according to new forecasts.

Cornwall Insight said the increase to £1,999 a year for a typical dual-fuel household would be the largest rise since January 2023.

It attributed the substantial increase largely to the escalating conflict in the Middle East, which continues to disrupt gas supplies to the UK and the rest of the world.

It said the knock-on effects have seen EU gas storage stocks at their lowest September levels in 15 years.

EU storage facilities were around 65% full at the beginning of the September, well below their long-term average for this time of year.