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How Much Is The Gas & Electricity Cost Per kWh in January 2024
As we look at 2024, many wonder how much gas & electricity will cost per kWh. Electricity and gas costs per kWh are set to rise in the first quarter but will probably drop in spring.
From 1 January 2024, for a typical user paying by direct debit, the unit rate will be 29p/kWh for electricity and 7p/kWh for gas. The average daily standing charge will be 53 p/day for electricity and 30 p/day for gas. The increase in the price cap is because the cost of wholesale gas has gone up in recent months.
The increase in electricity prices will undoubtedly impact consumers. Annual energy bills for a typical dual-fuel household paying by direct debit will be around £1,928, an increase of around £94 a year, based on the current price cap unit rates.
This increase comes when the UK is still amid an acute energy cost crisis, as it has been for the past two years. The rising energy prices and the escalating climate emergency underscore the need for large-scale energy efficiency and demand reduction solutions to reduce energy bills, improve energy security, and lower carbon emissions.
As we continue to invest in and transition towards renewable energy, we can expect to see a reduction in electricity prices over time, probably in around 2 years. This transition benefits consumers by potentially lowering energy costs and contributes to the global effort to combat climate change.