UK Regulator Cuts Energy Price Cap to GBP2,074 From July 1
May 25 2023 - 2:56AM
Dow Jones News
By Ian Walker
U.K. energy regulator Ofgem on Thursday cut the country's price
cap by 37% to 2,074 pounds ($2,564) a year from July 1.
The new price cap for a dual-fuel, direct-debit customer
represents a GBP1,206 decrease from the current GBP3,280 and
reflects recent falls in wholesale energy prices.
The energy price cap level indicates how much consumers on their
energy supplier's basic tariff would pay if the energy price
guarantee wasn't in place. The current price guarantee is in place
until the end of March 2024.
The energy price guarantee protects consumers by capping bills
at GBP2,500.
Ofgem plans to announce the next quarterly price cap in
August.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
May 25, 2023 02:41 ET (06:41 GMT)
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