Cap on energy charges still above pre-crisis levels despite wholesale price drop

The reason for the fall in the household energy price cap is pretty straightforward - wholesale electricity and gas prices have fallen since the price cap was last set in February this year. Wholesale gas and electricity prices make up by far the biggest proportion of the energy bills - £720 of the current £1,690 - and Ofgem is assuming, for July, August and September, a wholesale electricity price of 22.36 pence per kilowatt hour , down from 24.

Other costs taken into account by Ofgem are also higher now than they were before Russia invaded Ukraine. Costs increasing Network costs assumed by Ofgem, for example, are £363 now compared with £268 in winter 2021-22. Supplier operating costs are assumed to be £223 this summer compared with £203 in winter 2021-22.

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