There is finally some relief for households reeling from the impact of the cost of living squeeze, with energy bills set to fall from the start of April.
Regulator Ofgem will announce just how much at around 7am this morning. Experts have predicted its price cap will fall by around £117 to £1,641 a year for a typical dual fuel household.
The biggest reason for the reduction will be Labour’s pledge in the last Budget to pass on £150 of savings from removing certain levies currently loaded onto bills.
Inflation is also beginning to come down, further easing some of the pressure on households who’ve been battling to make ends meet.
However, energy bills are still a lot higher than before an energy crisis – including the fall-out from Russia’s invasion of Ukraine – sent prices soaring.
And the expected fall in Ofgem’s price cap will kick in after the worst of the winter, when most households use the bulk of their energy.
