Energy bills set to fall by almost £300 a year to cheapest in two years

Business

Energy bills are projected to fall by an average of 15% – equivalent to £293 in annual savings – as a mild winter meant high gas storage levels.

A closely watched forecast by Cornwall Insight indicates energy bills from April to June will drop to £1,635 a year for the typical user.

By comparison, average yearly costs from January to March stood at £1,928.

Read more:
What is the energy price cap – and how will it affect my bills?
Energy price cap hike to help suppliers recover record level of unpaid bills

The energy regulator Ofgem puts a cap on the amount that energy providers can charge per unit of power every three months.

Those caps have come down as wholesale oil and gas prices have fallen.

The next official price cap announcement will be published on 23 February.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

Articles You May Like

Sunak pledges to remove benefits for people not taking jobs after 12 months
Google restructures finance team as part of AI shift, CFO tells employees in memo
Grocery delivery app Getir prepares to exit UK market
England coach dismisses lack of 6N competition
Bitcoin just completed its fourth-ever ‘halving,’ here’s what investors need to watch now