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Energy bills: Millions set to see ‘big savings’ as price cap lowered

Woman examines energy meter

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Energy bills will fall by around £84 in October for millions after the energy regulator lowered the price cap because of cheaper gas wholesale prices.

Ofgem has cut the default price cap to £1,042, its lowest level since the cap was introduced in January 2019.

The pre-payment meter cap will fall by £95 to £1,070.

Ofgem said the changes would mean “big savings” for around 11 million households on default tariffs and four million on prepayment meters.

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KALPESH RUDANI

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