According to new forecasts, analysts said the crisis is not over and they are struggling to cover gasoline and electricity costs.

Leading energy consulting firm Cornwall Insight predicts that the industry regulator’s quarterly energy bill cap will drop to £1,720 a year for a typical dual-fuel household, compared with the current level of £1,849.

Ofgem, the regulator in Great Britain, can charge a price cap for every energy household use. It uses formulas that track wholesale energy prices and provider network costs.

OFGEM plans to announce price levels for the next quarter on Friday. The cap reflects the average annual double fuel charge for about 29 million households, and will take effect from July to the end of September.

Cornwall's latest estimate marks its previous forecast of £1,683 per year, which analysts say is partly due to the increase in the energy wholesale market.

Energy prices have been fluctuating this year, which is lowered due to economic fears surrounding U.S. trade tariffs. But optimism about trade negotiations in recent weeks has helped push up prices in corners of the market. Trade transactions promote more economic activity, which often leads to higher energy prices.

Household bills are still far higher than the energy crisis that began in 2021 and are intensified by the full-scale invasion of Ukraine the following year.

Cornwall adviser Dr. Craig Lowery said the Energy Act is still too high for many. "Price fell, but for many families struggling with the weight of a life crisis, the price is not enough, and the bills are still far above the level at the beginning of the decade," he added.

“The fall is also a clear reminder of the volatility of the energy market – if prices fall, they can rebound, especially in the global economic and political landscape we are experiencing, which is not a moment of complacency.”

Last month, record-breaking British households were unable to pay their energy bills by direct debit because they didn’t have enough money in their bank accounts.

"The forecasts in the forecasted energy bills have just cancelled the recent rise, meaning that the crisis for those payers who are still paying higher than before the crisis than before the crisis is not over," said Jess Ralston, an analyst with the Energy and Climate Intelligence Department.

“The cost of oil and gas will always be volatile and can be manipulated by foreign players such as Putin, but every home with heat-insulated and heat pumps installed will reduce our gas demand, exposing these geographically vulnerable markets.”

The regulatory director of Uswitch, a price comparison website, recommends that consumers with standard variable tariffs should consider switching before launching a lower price cap in July.

“Fixed transactions in the market are already cheaper than expected in July, and we are seeing the biggest savings in price caps since fall 2020,” he said.

“Average households with standard tariffs can save about £332 per year compared to the current price cap, which is also about £200 per year than the latest July forecast.”

Cornwall expects the price cap to fall again in October and then drop in January, although this is subject to several different factors, including weather patterns, the impact of the war on Ukraine and EU gas storage rules.