The Guardian | Energy bills to be cut by £84 for 11m UK households

The energy regulator has lowered winter energy bills for 15m UK homes by reducing its energy price cap to record lows after wholesale energy market prices tumbled during the coronavirus pandemic.

The government has legislated that the cap should remain in place at least for 2020, and no later than 2023, provided the energy market had become more competitive. Ofgem is expected to review the market by the end of this year and has said the cap should not be lifted until the end of 2021.

Robert Buckley, of Cornwall Insight, said the difference between the costliest deals on the market and the cheapest stood at £562 at the end of last month, meaning a “notable gap will remain”, even after Ofgem reduced the cap.

The Guardian