Ofgem confirms energy price cap will “drop considerably” in July

The level of the new price cap is expected to be announced next Thursday

Big Zero Report 2022

The energy regulator, Ofgem, has confirmed that the energy price cap is set to undergo a significant decrease starting in July.

During an appearance on Good Morning Britain yesterday, Neil Kenward, Director for Strategy and Decarbonisation at Ofgem, made an intriguing revelation about the upcoming energy price cap.

The exact figure is yet to be finalised and will be disclosed next week, but Kenward assured viewers that it would significantly decrease from the current £2,500 limit for the average annual bill.

While the precise amount remains under wraps, financial expert Martin Lewis, the founder of Money Saving Expert, had previously speculated that consumers could expect a reduction of around 15% to 20% on their typical energy bills.

This anticipated drop has sparked curiosity and anticipation among households eagerly awaiting the announcement.

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