Millions of British households will have cheaper energy bills from October after British energy markets regulator Ofgem cut its price cap again to reflect a further fall in wholesale power and gas prices.
Ofgem on Friday lowered its price cap on household energy bills by about 7% from Oct. 1 to 1,923 pounds ($2,418.56) a year for a typical dual-fuel household.
The drop will save households an average of 151 pounds compared with the previous quarter, Ofgem said.
The drop also represents the lowest level since October 2021 and reflects further falls in wholesale energy prices as the market stabilises and suppliers return to a healthier financial position after four years of losses, it added.
About 29 million customers are on standard rate tariffs protected by the price cap.
via Reuters
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