UK Energy Price Cap Cut Brings Relief to Households
UK households can expect cheaper energy bills from July as regulator Ofgem cuts its price cap to reflect a slump in wholesale costs. The new cap of £2,074 a year for average use of electricity and gas marks a near 40% fall compared with the previous level. However, some 6.6 million British households would remain in fuel poverty, despite the cut. The price drop for most British households will be around 17% as since October a government guarantee has kept the average annual cost of energy at £2,500 a year.