This Friday, energy regulator Ofgem will announce its next quarterly price cap.
The new cap will be in effect from 1st July to 30th September 2024, based on the wholesale assessment period from 18th February 2024 to 16th May 2024.
Predictions from Cornwall Insight suggest that energy bills will fall by 7% from July when the new price cap takes effect.
This anticipated reduction follows fluctuations in wholesale energy prices.
In related news, the House of Commons Energy Security and Net Zero Committee will hold a session on domestic energy bills this Wednesday.
The session will feature several key witnesses: Jonathan Brearley, Chief Executive Officer at Ofgem; Tim Jarvis, Director General, Markets at Ofgem; Charlotte Friel, Director, Consumer Protection and Retail Markets at Ofgem; Amanda Solloway, Parliamentary Under Secretary of State (Minister for Energy Consumers and Affordability) at the Department for Energy Security and Net Zero; and Jane Walker, Director of Affordability at the Department for Energy Security and Net Zero.
The committee will discuss issues related to energy bills for domestic customers.
