Energy price cap in Great Britain to fall to £1,568 in summer

The energy price cap in Great Britain will fall 7% to the equivalent of £1,568 a year this summer after a drop in wholesale gas prices.

Set by the energy regulator Ofgem, the cap reflects the average annual dual-fuel bill for 29m households and takes effect from July until the end of September.

Set quarterly, the cap will fall by £122 in July from its current level of £1,690, about £500 less than the cap a year earlier, easing the pressure on household finances. However, the cap is more than £400 more than it was three years ago, before the energy crisis.

The energy security secretary, Claire Coutinho, seized on the fall in the price cap as evidence that the pressure on household spending was easing in the run-up to the general election.

She also claimed that Labour’s plans for a state-owned Great British Energy company, focusing on renewables, would “hike your bills and raise your taxes”.

Source: REUTER