UK's Ofgem reduces price cap, household energy bills to hit GBP1,923

On Friday, the British energy regulator, Ofgem, said it would lower its price cap on household energy bills from October to an annual level of GBP1,923 (USD2,418) for a typical dual-fuel household, compared with July’s price reduction to GBP2,074 ($2,617.60).

“The drop will save households an average of GBP151 compared with the previous quarter,” the UK regulator said.

Ofgem added, “the drop also represents the lowest level since October 2021 and reflects further falls in wholesale energy prices as the market stabilixes and suppliers return to a healthier financial position after four years of losses.”