Household energy bills set to fall 7%

HOUSEHOLD energy bills will fall by 7% from July, Ofgem has confirmed.

- JOSIE CLARKE

The typical bill will drop by £129 to £1,720 per year when the regulator's new price cap which sets the limit on how much firms can charge customers per unit of energy comes into force. This is £660 (28%) lower than at the height of the energy crisis at the start of 2023 when the government implemented the energy price guarantee.

But prices remain elevated with the upcoming level £152 (10%) higher than the same period last year.

Tim Jarvis, director general of markets at Ofgem, said: "A fall in the price cap will be welcome news for consumers, and reflects a reduction in the international price of wholesale gas. However, we're acutely aware that prices remain high, and some continue to struggle with the cost of energy.