Energy price cap to fall to £1,690 from April, its lowest level in two years
The Guardian|February 24, 2024
The energy price cap will fall by £238 to £1,690 on 1 April thanks to a mild winter and lower gas prices, easing pressure on household finances.
Alex Lawson
Energy price cap to fall to £1,690 from April, its lowest level in two years

Set by the energy regulator, Ofgem, the cap reflects the average annual bill for 29m households and will be in effect until 1 July. It represents a 12.3% reduction from a cap set at £1,928 for the current quarter.

In a boost to the poorest households, Ofgem also confirmed it would equalise standing charges – the set fee paid before any gas or electricity is used – meaning customers with prepayment meters will no longer be charged more for their connection than those on standard credit or direct debit tariff s.

Wholesale gas prices have fallen as a mild winter in Europe reduced demand, helped by plentiful supplies of liquefied natural gas in Europe and Asia, leading to a fall in household bills.

The average household will still pay far more for their gas and electricity than before the energy crisis, which started in 2021 and escalated when Russia stopped piping gas to Europe after its full-scale invasion of Ukraine in February 2022.

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