UK energy price cap to rise 16% in January, adding £276 to average household bill

Cornwall Insight forecasts the UK energy price cap will rise 16% to £1,999 for the average dual-fuel bill from January, driven by the impact of the Iran war on wholesale gas prices. This marks a significant increase that will pressure household finances during winter, though the exact cap level will be confirmed by Ofgem in November. The forecast underscores how geopolitical conflict in the Middle East is transmitting to consumer energy costs in Europe.