Energy bill lifeline in weeks as Shapps orders firms to ‘pass on savings to consumers’

On Monday, energy regulator Ofgem reduced its price cap to £3,280 from April 1, significantly lower than the £4,729 that it expected a typical household to be paying in January.

Meanwhile, experts at Cornwall Insight predicted that the Ofgem price cap, which limits the unit price energy suppliers can charge, will continue to reduce this year, with average bills of £2,153 a year from July and then increasing slightly to £2,161 from October this year.

At a speech at Chatham House today, Mr Shapps, the Energy Security Secretary, highlighted his goal for the UK to have amongst the cheapest wholesale electricity prices in Europe.

He was expected to say: “I have one overriding mission in this new job: for the UK to have amongst the cheapest wholesale electricity prices in Europe. This is critical to consumers, to our country and to our planet.

Article source: https://www.express.co.uk/news/science/1741239/energy-crisis-lifeline-grant-shapps-savings-gas-prices-plummet