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Energy prices to fall for millions as Ofgem lowers cap | BBC News

The price of energy is set to fall for millions of British households this October after the regulator, Ofgem, lowered price caps.

Ofgem sets maximum prices that can be charged for gas and electricity to those who have not switched suppliers and are on default tariffs.

The new cap could see these households typically pay £75 less a year.

However, bills will still be higher than they were in January when the first price cap came into force.

Ofgem boss Dermot Nolan said: “The price caps require suppliers to pass on any savings to customers when their cost to supply electricity and gas falls.

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Energy prices to fall for millions as Ofgem lowers cap – BBC News.

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