UK Lowers Energy Price Cap for July to September
Britain’s Office of Gas and Electricity Markets on Thursday unveiled a new and lower quarterly energy price cap for July 1 to Sept. 30, which would translate to a reduction in consumers’ bills as wholesale energy prices continue to fall.
The energy price cap for a dual fuel household paying by direct debit based on typical consumption stood at an annual level of 2,074 pounds sterling, reflecting a decrease of 1,206 pounds from the prior three-month period.
Ofgem Chief Executive Officer Jonathan Brearley warned that prices may not return to the pre-energy crisis levels in the medium term. The UK agency is due to issue its next quarterly price cap update in August.
