Households to have £272 slashed from energy bills within weeks

22 February 2024 , 13:54

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UK households are set to see a much needed fall in energy prices (Image: Getty Images)

Customers of energy firms like British Gas, OVO, EDF, Octopus are expected to see a £272 reduction in their bills confirmed tomorrow as regulator Ofgem announces its latest price cap.

The average household energy bill is expected to drop from £1,928 per year to £1,656 starting on April 1. Cornwall Insight predicts that the average family will pay £1,656 from April, a 15 per cent decrease from the current average cost of £1,928 per year. Mike Thornton, chief executive at Energy Saving Trust, responded to Cornwall Insight's final forecast saying: "Lower energy prices may ease some of the pressure on households this spring but energy costs remain inflated.

"The ongoing fluctuations only further highlight the UK's susceptibility to unstable international fossil fuel markets. The solutions centre around strengthening the UK's energy security. In practice, this means supporting people to use less energy to start with, rolling out low carbon heating and scaling up UK renewable energy generation and storage. All of which are also key to achieving net zero targets."

Mr Thornton told Birmingham Live: "While we know that improving energy security is high on the political agenda this election year, current and proposed policies in these areas are missing the mark. Rather than making long term commitments to improve the UK's inefficient housing stock, we're seeing roll backs and watering down from all sides.

"All parties need to recognise that providing people with financial incentives underpinned by independent, personalised advice, will enable and empower them to actively engage in upgrading their homes to permanently lower energy bills and carbon emissions. The upcoming Spring Budget may be the final chance for this government to demonstrate its commitment to these solutions and we very much hope that they will step up."

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The announcement from Ofgem will be made on Friday morning with households and customers are set to be offered some much-needed respite amid the Cost of Living crisis.

Rom Preston-Ellis