Household energy bills will fall by 7.2 per cent from the current £1,690 to £1,568 from July 1, 2024.
Ofgem has announced household energy bills will fall by 7.2 per cent from the start of July, but remain around 40 per cent higher than pre-gas crisis levels. The sector regulator confirmed on Friday morning that annual energy bills for millions of households on the standard tariff, with typical average usage, will drop from £1,690 to £1,568 from July 1 - a saving of £122 over the coming year.
On Wednesday, Ofgem chief executive Jonathan Brearley told the Energy Security and Net Zero Committee that prices "are still significantly higher than they were before, and when we look further out our best estimate is that prices are going to stay high and volatile over time". "Whatever colour the next government is, we'll be heading into a winter still heavily dependent on volatile gas markets, going backwards on our energy independence. The cost of living, driven in part by energy bills, and the UK's energy security may well be key election issues - so how the parties choose to tackle them will likely be in the spotlight."
Energy Cost Of Living Personal Finance Retail And Consumer
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Energy bills to fall by £122 for millions in July as new Ofgem price cap confirmedHow to take a meter reading
Read more »
Energy bills to drop by £110 at start of July before rising again this AutumnOfgem will announce the energy price cap for July to September on May 24.
Read more »
Ofgem proposes scrapping ban on cheaper energy tariffs for new customers earlyThe ban was introduced as a short-term measure in April 2022 to protect consumers during the energy crisis.
Read more »
Ofgem proposes scrapping ban on cheaper energy tariffs for new customers earlyThe ban was introduced as a short-term measure in April 2022 to protect consumers during the energy crisis.
Read more »
Small firms urge Ofgem to act over spiralling energy standing charges on billsOne small business owner claimed their standing charge had grown 13 times bigger in three years, the Federation of Small Businesses said.
Read more »
Ofgem told rules on standing charges 'need to change' as energy bills soarOfgem said it agreed that 'too many businesses get unexplained price hikes from suppliers'
Read more »