UK household energy bills to fall in July, bringing some relief in cost-of-living crisis
Britain’s energy regulator says the typical household energy bill will come down by around $495 a year starting in July as global wholesale energy prices decline
By SYLVIA HUI
Published - May 25, 2023, 06:45 AM ET
Last Updated - Jun 21, 2023, 04:13 PM EDT
LONDON (AP) — Britain's energy regulator said Thursday that the typical household energy bill will come down by around 400 pounds ($495) a year starting in July as global wholesale energy prices decline.
The drop brings some relief to millions of people and businesses that have struggled to cope with sharply higher electricity and gas bills over the past 18 months.
But many on lower incomes are still in the throes of a lingering cost-of-living crisis, as food prices soar at the fastest rate in decades.
The Office of Gas and Electricity Markets, or Ofgem, said it was cutting its price cap — the maximum amount that gas suppliers can charge households per unit of energy — to 2,074 pounds ($2,567) a year starting July 1.
