Cost of living: Energy bills fall as Ofgem lowers price cap

The average household in England, Wales and Scotland would see energy bills fall by £122 over the course of a yearAverage household energy bills will fall by 7 per cent from July after Ofgem announced it was lowering its energy price cap in response to lower wholesale prices.

“The fall in the energy price cap reduces bills slightly, but our data tells us millions have fallen into the red or are unable to cover their essential costs every month. The latest fall offers further relief to households given the previous quarter-on-quarter drop seen in April, but analysts have said they expect Ofgem to increase the price cap in October, before dropping it again in January 2025.

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