Typical energy bill in Great Britain to fall 7% to £1,720 a year from July

The typical household will still pay about £600 a year more on their annual energy bill than before Russia’s invasion of Ukraine in 2022. Photograph: NORRIE3699/Getty Images/iStockphoto

Energy costs will fall for millions of British households this summer after the industry watchdog cut the price cap for a typical annual dual-fuel bill by 7% to £1,720.

The energy regulator for Great Britain, Ofgem, said the cap on gas and electricity charges would fall from July by the equivalent of £129 a year for the average home after a sharp slump in Europe’s gas market prices.