Ofgem is to make an announcement within days that will set the new price of your gas and electricity - with analysts saying your bills should come down. Energy bills are currently covered by the Energy Price Guarantee (EPG) which is set at £2,500 a year for the typical household paying by direct debit.
This replaced the Ofgem price cap which was set at £3,280 a year. Cornwall Insight today is currently predicting the Ofgem price cap will drop to £2,063 a year in July - knocking almost £500 a year off your bills.
If this happens, then prices will fall below the EPG for the first time since it was introduced in October 2022. Cornwall Insight then expects a slight rise to £2,098 a year from October, reports The Mirror.
