UK Regulator Cuts Energy Price Cap Below GBP2,000 for First Time Since April 2022

U.K. energy regulator Ofgem has cut the country's price cap by 7.3% to 1,923 pounds a year from October 1, bringing the dual-fuel energy bill below GBP2,000 for the first time since April 2022, it said Friday.

The new price cap for a dual-fuel, direct-debit customer represents a GBP151 decrease from the current GBP2,074 and reflects recent falls in wholesale energy prices. The energy price cap level indicates how much consumers on their energy supplier's basic tariff would pay if the energy price guarantee wasn't in place. The current price guarantee is in place until the end of March 2024.Write to Ian Walker at ian.walker@wsj.com

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