Average energy bill to fall below £2,000 in UK, Ofgem announces

Average household energy bills are set to fall below £2,000 for the first time in over a year after regulator Ofgem slashed the price cap by around 7 per cent.

Report informs via foreign media that the price cap is the maximum amount paid by a customer for units of gas and electricity as well as daily standing charges. It is reviewed four times a year in winter, spring, summer and autumn.

Ofgem, the energy regulator, on Friday said it was cutting the price that a supplier could charge for gas from 6.9p per kilowatt hour (kWh) today to 6.89p from 1 October.

The price of electricity, meanwhile, will fall from 30.1p per kWh to 27.35p, meaning average bills for households in England, Wales and Scotland will fall £2,074 per year to £1,923.