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Ofgem to unveil new energy price cap tomorrow

Experts predict a 7% drop in energy bills when the new price cap comes into effect in July

Tomorrow, the energy regulator Ofgem is scheduled to announce its next quarterly price cap, set to cover the period from 1 July to 30 September 2024.

This announcement will be based on the wholesale assessment period from 18th February to 16th May 2024.

Analysts at Cornwall Insight have forecasted a potential 7% decrease in energy bills starting from July, coinciding with the implementation of the new price cap.

This anticipated reduction comes as welcome news for consumers, potentially providing relief from high energy costs in recent months.

A decrease in the price cap offers some respite, yet concerns linger as household bills remain significantly elevated post-crisis.

Ofgem’s recent announcement of a comprehensive review indicates potential revisions within the next one to two years, particularly amidst the impending election.

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