Energy bills to fall for millions of Britons as regulator slashes price cap
May 25 (Reuters) - Millions of British households will see cheaper energy bills from July after regulator Ofgem slashed its cap on prices following a slump in wholesale energy costs.
Energy prices hit record highs in Britain and Europe last year after Russia’s invasion of Ukraine led to reduced gas supply from Russia to Europe.
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The new price cap of 2,074 pounds ($2,618) a year for average dual-fuel use marks a near 40% fall compared with the previous cap level.
However the price drop for most British households will be around 17% as they have been protected by a government guarantee since October to keep the average annual cost of energy at 2,500 pounds a year to help with a cost-of-living squeeze.
($1 = 0.7923 pounds) (Reporting by Susanna Twidale in London and Yadarisa Shabong in Bengaluru; Editing by Arun Koyyur and Jan Harvey)