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Energy bills 'to fall further' after strong gas deliveries
Evening Standard
|February 23, 2024
HOUSEHOLD gas and electricity bills will stay lower for the rest of the year, energy experts predicted today, after regulator Ofgem reduced the cap on tariffs by 12% from April.
The welcome forecasts came after Ofgem delivered a £238 cut in the average household annual bill to £1,690, the lowest level since Russian tanks poured across the Ukrainian border almost exactly two years ago triggering a global energy crisis.
But wholesale prices have fallen sharply over the past year as western European countries weaned themselves off Russian supplies and America massively stepped up its exports of gas, leading to higher-than-expected reserves.
A relatively mild winter across most of Europe, including the UK, has also helped drive down prices.
Today the March contract for natural gas was trading in London at just under 57p a therm. That compares with more than 150p as recently as October and a remarkable peak of 666p in August 2022.
This story is from the February 23, 2024 edition of Evening Standard.
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