Households will be more than £400 a year better off on average from July after the cap on energy bills was slashed following steep falls in wholesale gas and electricity prices.
Energy regulator Ofgem on Thursday set the cap at £2,074, down from £3,280 from April to July. That is well below the £2,500 energy price guarantee put in place by Liz Truss when she was Prime Minister last September when the energy crisis sparked by Russia’s invasion of Ukraine sent market prices spiralling to record levels.
