Ofgem's announcement will be made on Thursday (May 25)
Brits could expect to pay less on their bills from July - as . There could be a decrease of £1,227 from the April cap, as per predictions made by market analyst Cornwall Insight.
Divya Sridhar, economist at PwC, said: "Looking ahead, falling energy prices will provide some relief to public spending. Ofgem’s energy price cap announcement for the summer later this week is expected to reflect energy prices for households falling below the Government’s energy price guarantee threshold for the first time."
In October 2022, in response to wholesale prices soaring sending energy bills through the roof, the government introduced the EPG to help Brits out with their bills. The EPG works in the same way as the cap, placing a limit on how much energy providers could charge customers per unit of energy - but the government subsidises the difference.
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