"This drop in energy prices will ease the burden for some households, but bills are still significantly higher than before the crisis."
"The upcoming reduction reflects a significant fall in wholesale gas prices, which Ofgem said accounted for around 90% of the cut."
In July, Ofgem announced a 7% reduction in the energy price cap, lowering the average annual bill to £1,720. This decrease follows a previous 6.4% rise and is attributed to falling wholesale gas prices, which contribute 90% to the cut. Despite this relief, bills remain significantly higher than pre-crisis levels, prompting calls for government action to support vulnerable households. Experts caution that future price changes depend on various unpredictable factors, such as weather and geopolitical tensions, indicating a complex energy market landscape ahead.
Read at Business Matters
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