Ofgem’s chief has today shared some “good news” for the energy market as bills are predicted to go down later this year.

MPs at the Business select committee have heard Jonathan Brearley saying: “We recognise, everyone recognises that customers are in an incredibly difficult position right now. The gas crisis has stages and right now we are seeing the full impact on customers’ bills.

“Last time we were here, over the summer, we thought that without the Energy Price Guarantee, the price might be almost £6,000 a year for the average household. There is some good news, the market has changed quite significantly and for the first time since the start of gas crisis we are seeing downward pressure on the prices.

“On existing projections that the EPG will be breached by price cap in July and indeed that means bills going down for customers and significantly reduces the fiscal cost for the EPG in the first place.”

Consultants had previously predicted that energy bills for a typical household would fall to £3,208 in April and would decrease further to approximately £2,200 in July.