Households will pay less for their gas and electricity from this weekend amid warnings that bills will still be almost double the amount they were before the energy crisis began.
The average household energy bill will fall by £426 a year from Saturday, July 1 after Ofgem dropped its price cap following tumbling wholesale prices. The regulator is cutting its price cap from £3,280 to £2,074 in a relief for consumers who have seen typical bills soar from £1,271 a year in October 2021 due to the global gas crisis.
Households have been partly shielded from the most recent rise in prices by the Government’s Energy Price Guarantee (EPG), which limited annual energy costs to £2,500 for the average household – subsidising Ofgem’s price cap.
