Overview

• The new price cap is expected to save households over £100 annually compared to current rates.
• Despite the reduction, bills will still be £400 higher than in summer 2021.
• Ofgem is reviewing the price cap mechanism and considering reforms targeting vulnerable households.
• The cap is projected to rise slightly in October before falling again in January 2025.
• Experts emphasize that while prices are decreasing, energy costs remain a significant burden for many households.