Overview

• Cornwall Insight forecasts a 15% reduction in energy bills from April, with the typical annual bill falling to £1,635.
• The decrease is attributed to a mild winter, high gas storage levels, and less disruption from Red Sea tensions.
• Ofgem's price cap, affecting 29 million households, is set to be announced next week, with further reductions expected in July.
• Despite the drop, energy prices remain above pre-pandemic levels, and the UK's reliance on gas imports keeps the system volatile.
• Consumers currently owe an estimated £2.9 billion to energy suppliers, with Ofgem proposing a cap lift to cover bad debts.