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Energy bills 'set for series of falls as price cap due to be lowered'
Energy bills are set to fall from this July and will continue to drop in the autumn and winter, a forecaster has said.
Households will be charged £129 less for a typical annual bill from July as the energy price cap is due to fall, according to energy consultants Cornwall Insight. From July, an average dual fuel bill will be £1,720 a year, 7% below the current price cap of £1,849 a year.
The price cap limits the cost per unit of energy and is revised every three months by the energy regulator Ofgem. The official announcement from Ofgem will be made on Friday.
Money blog: How markets reacted to EU-UK deal Bills had already been made more expensive for three three-month periods, or quarters, in a row, in October, January, and April, as wholesale gas prices rose and European stores of the fossil fuel were depleted due to cold weather. Electricity prices are tied to gas prices.
The UK is also heavily reliant on gas for home heating and uses a significant amount for electricity generation. Drops when the cap is next changed in October and January will be "modest.
Amir Nisi
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