As the latest reduction in the energy price cap takes effect, households are being warned of a big lift in bills ahead due to higher wholesale gas prices. The cap, which limits what suppliers can charge per unit of energy, fell by 7% overnight in the wake of the latest three-month review by industry regulator Ofgem. The reduction meant that typical 12-month bills will be around £500 cheaper than a year ago.
👉 Click here to follow The Ian King Business Podcast wherever you get your podcasts 👈 UK household costs for both gas and electricity stood at an average of just below £1,090 ahead of the Russia-Ukraine war. The ECIU report said: 'By September 2025, the average household could have paid an extra £2,600 on energy bills during the ongoing gas crisis.