Energy price cap falls to its lowest in two years

Britain’s energy price cap is set to fall by £238 this spring. This comes after the energy regulator, Ofgem, has dropped the price cap by 12.3% in the current quarter. This sees the cap lowered from £1,928 to £1690. This is set to lower gas prices and ease pressure on household finances. Overall, wholesale gas prices have fallen after a mild winter in Europe reduced demand. With plentiful supplies of liquified natural gas in Europe and Asia, this has led to the fall in household bills. This rate is the lowest its been since March 2022, but still more than the cap of £1,138 for customers who paid in the summer of 2021, before the crisis began. The new rate will apply from April to June before it is adjusted again in July. If you prepay for your energy, prices are also set to fall by 14 per cent.