Previous figures from Cornwall Insight predicted energy bills would fall to around £2,200 a year from July, and would stay at this level until the end of the year.
The group said: “Our forecasts show prices in the second half of 2023 remaining below the Energy Price Guarantee (EPG) level, and therefore will not cost the Government any money from July.
“With wholesale prices still well above pre-pandemic levels, the lower cost of the scheme is likely to spark conversation on the additional energy bill support the Government may now be able to offer households.”
However, the experts at Cornwall Insight warned due to current market volatility, average bills from July could range anywhere between £2,421 and £1,981 in July.
The analysts said: “While the energy market outlook has improved markedly from last year, with a mild winter and higher storage levels in Europe causing substantial falls in wholesale rates, prices remain very volatile.
“The price cap setting for beyond the summer of 2023 is still a fair distance away, and we would expect wholesale prices to move daily before those cap levels are set, so any forecasts should be viewed in that context.”
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