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Energy bills to fall by £122 in July under new cap

May 24, 2024
in Business
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Energy bills to fall by £122 in July under new cap
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Energy prices are at their lowest level since Russia invaded Ukraine in February 2022.

However, bills remain well above pre-pandemic levels and are about £400 higher than three years ago.

An estimated £3bn debt to suppliers has been built up by consumers when prices were high.

“The fall in the energy price cap reduces bills slightly,” said Dame Clare Moriarty, chief executive of Citizens Advice. “But our data tells us millions have fallen into the red or are unable to cover their essential costs every month.”

Analysts at the consultancy Cornwall Insight have forecast that recent rising wholesale prices may mean energy bills rise again in the run-up to winter.

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