Regulator Ofgem is expected to announce a 9% decrease in typical household energy bills, lowering costs for many to £1,683. This decline is attributed to reduced gas prices, influenced by US trade tariffs and a temporary decrease in energy demand due to warmer weather. Craig Lowrey from Cornwall Insight cautions against overoptimism, highlighting the volatility of energy markets in response to geopolitical and market changes. While the price cap established in January 2019 is lower than during the energy crisis caused by Russia's invasion of Ukraine, current bills are significantly higher than historical averages.
"The group said it expects regulator Ofgem to reveal that the typical household energy bill will fall by 9%, lowering bills for millions of people by 166, to 1,683."
"The tariffs have sparked fears of weaker economic growth across the globe, which means less demand for oil and gas."
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